Steem Authors Get an Epic Pay Raise with SBD = $10+ USD!

in steem •  3 months ago

Steem Authors Get 5x Pay Raise with SBD = $10 USD!.png

Sell each Steem Dollar for $10+ USD today! Authors selecting 50/50 payouts earn 5x extra per post versus powering 100% up! Would you read this post because it will show the easiest way to change SBD to fiat currency like USD and provide relevant cryptocurrencies updates related to this new opportunity?

Warnings and Updates!


  1. Poloniex's last transfer out was 2 days ago. DO NOT SEND anything to@poloniex until the wallet at https://steemit.com/@poloniex/transfers shows transfers. Right now there are hundreds of "received" transactions with no transfers out which possibly means Poloniex either is going to do maintenance and send the transfers out or disable Steem and SBD temporarily which last time was for months.
  2. AVOID VOTING BOTS because SBD are extremely valuable! Sending 1 SBD for a vote on a voting bot that pays out $2 for the vote will only provide 1 SBD in return which might be worth $1 USD next week or 50% of the price tomorrow. Then again, it could be worth more. Better to take the $10+ today in SBD than send it to a voting bot until the price becomes more stable. That said, if it is worth $20 when the payout comes, voting bots could still be profitable as explained here.
  3. DO NOT CONVERT SBD to Steem directly! My friend @tomasgeorge did not know the SBD price had went up so much and converted 40 SBD to Steem this morning which will get him $40 worth of Steem in three and a half days. At $2 Steem this might equal 20 Steem. If I had got this post out earlier, he might have sold those same 40 SBD for over $500 instead. ALWAYS check the market at a minimum prior to conversion at https://steemit.com/market. Tomas would have got 247.308 Steem for 40 SBD today if he had used the market just now.
  4. Bitcoin transactions are either charging a high fee or extremely slow. Watch for the fee on Bittrex when withdrawing which was around $15 on about $500 for me yesterday. Make a direct transfer if possible to Litecoin which is LTC or Ethereum which is ETH because these will generally go through faster with a smaller fee. Check the current loads at http://www.blocktivity.info/ which I learned about from @glitterfart. Yesterday I used LTC and today I used ETH to make fast exchanges as shown below.
  5. The cryptocurrency market is going so crazy with the prices going up that we may bring into question the assumption that having cryptocurrency in a wallet actually means we can get that amount in fiat currency like USD into our bank accounts. Now may be a great time to cash out some profits into our bank accounts before the market panics. I am putting any cryptocurrency I earn for now into the bank and only have investments in Steem. I am got my first power down today and used it to pay for my witness server for three months, pay @gmichelbkk for helping me edit my Steem posts, and pay Google/Facebook for the Steem ads. That said, this might be the start of an epic run for Steem to $10+ and I might have lost 80% paying these bills today instead of waiting a few days! The video below explains how I think the market will crash.

Best Method to Cash SBD Out Fast?


The easiest way to capitalize on Steem Dollars being more than $1 is to check the rate on the market at https://steemit.com/market because we can often buy more Steem this way immediately and then power up. As we can see today, $1 SBD will get more than 5 Steem. Over the last two months I saved up thousands of SBD on rewards from posts as the price was near $1. As the price has continued to go up, I continued to buy Steem and powered it up.

To check the prices, I like http://www.steemdollar.com/sd_index.php. Thank you to @mauricemikkers for making one easy interface for us to see Steem and SBD on multiple exchanges.

What follows is a tutorial I hope will be very useful to show exactly how to get the SBD into "real money" in our bank accounts fast as I have done the last two days! The idea is to send to an exchange to convert Steem Dollars to BTC, ETH, or LTC which can then be easily sold into USD, EUR, and other fiat currencies on any of the exchanges I list at https://steemit.com/bitcoin/@jerrybanfield/8-digital-currency-exchanges-with-usd-to-bitcoin.

Yesterday I sent SBD to Bittrex, sold to Bitcoin, withdrew to Coinbase, sold BTC to USD on gdax, and then withdrew USD on Coinbase to my bank account which took about an hour from start to finish. Currently Coinbase is putting the money in my bank within a business day or two of withdrawals which is awesome. While I will show the highlights from this method first, I recommend using the second method that I used today because it is much faster!

Advanced + Best Price: Steem to Bittrex


While this method is effective often for the best price and I used it yesterday, the second method after this I show is much easier to use! To begin with the Steem to Bittrex to Coinbase to bank account method, I first redeem yesterday's rewards for which I am very grateful!

jerrybanfield steem author rewards cashout sbd.png

Next transfer to Bittrex and sell for BTC.

60 SBD to bittrex.png

Then withdraw to my Coinbase wallet.

received Bitcoin coinbase 0.29.png

Finally I sell to USD using gdax with no fees and withdraw to bank account.

While this method was effective, it took about an hour and hit me with a 0.001 Bitcoin fee which is currently about $15. The method I used today worked a lot better!

If you would like to join Coinbase to change USD, EUR, or other fiat to BTC, ETH, and LTC, would you please use my link at https://www.coinbase.com/join/53f220834b1a7fd652000013 because we both get $10 when you buy or sell your first $100 of cryptocurrency?

Best Method for SBD to USD?


Here are the steps to make the transaction from SBD or Steem easy to USD or other fiat into a bank account! Enjoy the full tutorial below this summary!

  1. Prepare the transaction on@changelly by entering the cryptocurrency to send and receive in. If you have not used Changelly before, would you please try it and sign up with my link at https://changelly.com/?ref_id=ab94a1030fc5 because Changelly is kind enough to give me half of the 0.5% commission charged on the exchange which I then use exclusively for giveaways? Thank you to the 111 registered users signing up so far producing 0.005214 BTC in commissions which will all go towards a giveaway on Steem!
  2. Enter the BTC, ETH, or LTC wallet address to receive the output of the transaction.
  3. Send Steem or SBD to@changelly with the memo included.
  4. Wait while the exchange takes place which generally is 5 to 30 minutes.
  5. Receive the payout in Coinbase or another wallet with the ability to exchange to fiat such as Bitstamp.
  6. Sell to fiat on gdax.com for no fees on Coinbase or on Bitstamp just place an order for a small fee.
  7. Withdraw fiat to the bank right away or hold it if trusting the exchange for instant access to buy in on a dip!

Steem/SBD to Changelly!


Here are the pictures showing how I did each step of this today! Thank you for the 62 SBD in author rewards that made for a crazy payout today! Every day my upvote pays out 50+ SBD along with 50+ Steem power which means currently I am giving out to followers about the same as I receive each day in upvotes!

Prerequisite: SBD Rewards to Redeem


SBD are only created from author rewards. Post once each day on Steem and follow the suggestions at http://steem.guide to make the maximum contribution to Steem as an author and therefore to maximize rewards.

Here is where I started this process today in the wallet at https://steemit.com/@jerrybanfield/transfers where I clicked redeem rewards.

earn SBD with author rewards on Steem.png

Prepare to Transfer


In the wallet, go to SBD and click transfer to be ready to make the exchange.

jerrybanfield transfer 62 SBD.png

Shop Rates on Bittrex, Changelly, and Blocktrades


Exchange rates fluctuate every second. I checked what rates I would get on these three websites!

First, https://bittrex.com usually offers the best rate but is the most challenging to use and has a big withdrawal fee for Bitcoin. I enter in my SBD, pick a rate in the spread, and see what I would get.

Bittrex SBD exchange.png

Next I check https://changelly.com/?ref_id=ab94a1030fc5 because the rate is often the best there with only a 0.5% fee which is $5 on every $1000 and on any referrals I make half of that fee although not on my own transfers. Changelly also has no additional withdrawal fee and can go directly to ETH or LTC often for no extra cost.

Changelly SBD quote.png

Then I check https://blocktrades.us because @blocktrades is consistently the very fastest way to exchange and uses a complex pricing algorithm which usually means a higher price but sometimes lower and once this year even below the price to buy! For those of us most impatient and anxious about the transaction going through, use @blocktrades.

blocktrades sbd to BTC.png

Choose Payout Cryptocurrency


With Bitcoin, Ethereum, and Litecoin all having different networks and prices, for the very best experience we can pick which one of these to send to our wallet on Coinbase or Bitstamp or other fiat exchange. After checking all my options, the ETH payout looks the best for speed, smallest transaction fee, and best conversion rate.

changelly eth payout for SBD.png

Verify Transfers Outbound


This little step can save a LOT of heartache! Whatever exchange we choose to use, in addition to checking the deposit instructions from the exchange, MAKE SURE the transfers are going OUT prior to submitting because this shows the wallet is active.

Here are the links:
@bittrex: https://steemit.com/@bittrex/transfers
@poloniex: https://steemit.com/@poloniex/transfers (NOT GOING OUT)
@changelly: https://steemit.com/@changelly/transfers
@blocktrades: https://steemit.com/@blocktrades/transfers

Search for "transfer" to see how long ago the last transfer out was relative to receiving. If a lot of receives happened since the last transfer like on Poloniex, DO NOT deposit regardless of whether there is a warning from the exchange. On@changelly, I notice the last transaction is a transfer which means I should be good to go to send my money and get a payment out.

changelly transfers going out.png

Begin Changelly Exchange


After clicking exchange:

changelly confirm sbd to eth.png

Grab the deposit address from Coinbase or Bitstamp or the wallet.

coinbase receive eth deposit address.png

Using Ethereum, it looks like this.

eth wallet address example.png

Enter the ETH wallet address in Changelly.

enter eth payout address to changelly.png

Confirm transaction start.

transaction confirm payment changelly eth sbd.png

Send Payment


After confirming the details of the transaction, Changelly provides an address and a memo to send to like this.

send payment sbd to changelly.png

In the wallet on Steem, copy and paste exactly or risk losing everything. Test with smaller amounts first :)

transfer sbd to changelly on steem.png

After sending, check@changelly: https://steemit.com/@changelly/transfers to verify the send went through.

confirm transaction received on changelly.png

As soon as Changelly has payment, the transaction processing screen comes up. I start a timer here to show how long this takes after payment to help with anxiety.

payment sent sbd to eth with timer changelly.png

In 4 minutes, the payment changes to exchanging.

exchanging sbd to eth with timer changelly.png

Less than 1 minute later the transaction shows in Coinbase!

receiving ethereum coinbase from changelly.png

View transaction details with the link to see confirmations.

ethereum block transaction information coinbase.png

In 11 minutes, the exchange is complete on Changelly's end.

11 minutes to complete on changelly sbd to eth.png

Coinbase takes an additional 8 minutes to confirm before I can transact with the Ethereum.

19 minutes from sbd on changelly to eth ready in coinbase.png

Change to Fiat with 0% Fees on Gdax!


Yes we are reading that correctly that USD and EUR can be exchanged with zero fees at https://www.gdax.com/ with Bitcoin, Ethereum, and Litecoin! To get 0%, make sure to place a limit order that does not instantly exchange but instead goes to an open order as shown here. All buys and sells on Coinbase go to gdax.

gdax eth to usd exchange.png

For the full tutorial on this read https://steemit.com/tutorial/@jerrybanfield/1-coinbase-tip-transfer-wallet-funds-to-gdax or watch the the video below!

Meanwhile, here is the quick version! First, deposit from Coinbase to gdax.

deposit gdax eth wallet coinbase.png

Next, place a sell order for the most speed at the lower most price in the red. For buying, use the highest price in green. For an immediate transfer, just use a market order for a small fee of 0.25%.

sell order eth gdax.png

Check the balance after the trade goes through or cancel the order if the market moves away from the order.

usd balance gdax.png

Withdraw back to Coinbase on gdax.

withdraw gdax usd to coinbase.png

gdax usd coinbase withdrawal complete.png

Switch back to Coinbase and view transactions.

coinbase gdax wallet transactions.png

Withdraw to Bank Account


Everything we do with cryptocurrencies is based on the assumption we can withdraw to "real money" in our bank accounts.

coinbase withdraw to bank account.png

confirm usd withdrawal coinbase.png

coinbase done 26 minutes from sbd on steem with changelly.png

In 26 minutes from the time I sent, the entire transaction is completed with only a 0.5% fee from Changelly which in this case was lower than the BTC fee I would have paid. Ethereum also pumped a little bit between when I started the exchange which led to an insane payout of $929.37 from 60 SBD paid on this post I did a week ago which showed author rewards of $124.69 on the payout with half in SBD.

Adding to Quickbooks Self-Employed


The final step for me is to track this as income to report on my taxes using QuickBooks Self-Employed. If you would like to join me in using this online accounting software, would you please use my link at http://fbuy.me/dGXHJ because Intuit will give you 50% off and give me a $30 gift card that I will then regift to a family member or friend?

To add this to taxes, I put in the final amount I withdrew to my bank account as earnings and note how I exchanged it if deeper record keeping is ever necessary.

add to quickbooks self employed for taxes.png

Preparing for Success on Steem


While some might call this luck, I also note the preparation involved in being ready for this luck which included everything in http://steem.guide summarized as:

  1. Investing everything I could in Steem by selling all my stocks and bonds and other cryptocurrency investments.
  2. Getting criticized by myself and hundreds on YouTube for not just holding Bitcoin and selling the Dash I used to buy into Steem.
  3. Making hundreds of original posts on Steem and giving up posting on my blog at https://jerrybanfield.com which has over 500 posts already.
  4. Filming about a hundred videos about Steem on YouTube at https://www.youtube.com/jerrybanfield and losing a lot of my audience with my all in on Steem strategy.
  5. Advertising the posts and videos about Steem to over 18 million people on Facebook, YouTube, and Google.
  6. Responding to 3,000+ comments on Steem in six months.
  7. Upvoting others about $100 a day and then earning about the same on my posts.

I am very grateful for this crazy payout today on one post as a result of the SBD price explosion! I hope this inspires more of us to prepare for the great days on Steem as I was ready for this one today. I hope this tutorial I have provided makes it easy to go through the process of cashing out a SBD and Steem into USD or other fiat currency.

Thank You for Reading!


If you found this post helpful on Steem, would you please upvote it and follow me because you will then be able to see more posts like this in your home feed?

Love,

Jerry Banfield

Shared On:

Our Most Important Votes on Steem are for Witness!

Would you please make a vote for jerrybanfield as a witness or set jerrybanfield as a proxy to handle all witness votes at https://steemit.com/~witnesses because 100% of my witness earnings pay for ads that will help promote Steem for years? Thank you to the 2200+ of us on Steem voting for me as a witness, the nearly 1 million dollars worth of Steem power assigned by followers trusting me to make all witness votes through setting me as proxy.

Let's stay together?

Okay this is really the end of the post I am finally done now after 2,999 words.

Authors get paid when people like you upvote their post.
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Sort Order:  trending

If SBD is 5X the steem, why would anyone want to power up at 100%? Lot of posts from yesterday and today are still 100% powered up. Either people don't understand what it means or I am missing something.

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@anakur I have posted this with the hope that more of us avoid powering up!

nice

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ok

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why

just a word of warning regarding resteem and upvote bots :

DO NOT USE THIS SERVICE http://www.whaleboostup.ml/

Not delivering the upvotes promised and according to steemd all the sbd/steem is being transferred out to bittrex.

Your end of the year $10 prediction came trye :). You just forgot to add dollar when you said steem will be $10 :) Or maybe you left it out on purpose. Either way I will gladly take it :)

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lol you're right @geekgirl I did not even consider when making the original prediction that SBD could pump to $10 also and it is very good for our growth especially with most rewards being paid out to authors with half of that in SBD!

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Hahha yes @geekgirl , it seems jerry is an upside down prophet

This article is an excellent resource for everyone here on Steemit. Resteemed to my 4500 followers. I would add that if you have an iMac and Changelly is not working for you when using the Safari browser then download Google Chrome from the App store and then use Google Chrome for your Changelly transactions.

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Outstanding tip Paul thank you very much for mentioning this!

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ouh however don't you think that it would be smarter just to keep all of it - gather more Steem Power and look where it would go in 1 year? Steem is only starting out for sure. Best to view yourself as investor, not just writer..

thoughts @jerrybanfield?

P.s. definitely not trying to undermine the article - super exciting to see that business model is working and $$ can be gained from this.

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I agree, I do not put any of the SBD I get into a fiat currency such as US dollars. Instead, I diversify into other digital currencies and Changelly helps me do this.

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aren't fees high thought for Changelly? (vs...Bittrex for example?) - that was my concern when seeing ShapeShift for example.

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Great question! I'm not really an expert regarding the fees involved. I just use it because it is so easy and I do not have a Bittrex account. Can anyone else chime in regarding how the fees compare to trading on the exchanges?

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u will get better rates on markets.. if you know what you are doing.. changelly and blocktrades are good when there isnt too much volatility.. but IF the price is crashing you can end up with a pretty terrible rate and you cant control it.

blocktrades are more reliable .. i have had money stuck for no good reason three times with Changelly. They were good enough to push the money through but i missed the moment!

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ouh thank you so much for feedback @eco-alex ! Got the idea of pros and cons eh! exchanges better but in worst case can use! :) cool!

This is something I was looking for.Thank you

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yaa truely this is some good information about steemit and how to exchange it into some other

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yes.Of-course

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It's a crazy times... I'm shoked. Glad, but shoked.
Who pumps SBD so desperately and why? What do you think @jerrybanfield?

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SBD was just listed on korean exchange upbit, I suspect this may have something to do with it.
https://upbit.com/exchange?code=CRIX.UPBIT.KRW-SBD

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Interesting point, @slavix

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Nice thank you for mentioning this!

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While I am shocked too, Steem has so much potential it seemed reasonable a pump could come at any time although I am surprised it came on SBD which also makes sense because there are so few SBD in circulation compared to Steem.

Huh I like Steem and think it has a great future... but at the moment this all is just too complicated for the average joe... I mean I have been in cryptos for 6 months soon and Steemit still gets me confused. Is there up to date complete guide video for Steemit?

This is a very good news. Thank you for giving this information (jerrybanfield)

it's so super crazy information, but I like it. thanks bro

Very well written . Im a teen and I'm all in for a long time . I can not spend anything till I finish at least 4 year college! That's in 8 years🤑. Finally my Dad will allow me to liquidate Some of my crypto to take out my initial investment. Steem On !

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lol nice Richard!

The fact of the content is more than wonderful with all the information and all the ways of converting from within the site to the platform of Petrex
A great effort has been made in the work of Bouss and managing the video very much deserves more votes and appreciation

My great greetings to you and to all your great efforts
@WalidSalah

This payout is awesome... Really loving it, when I started I thought it was a waste of time but now I wish I started earlier. This post is nice, thanks

Than you for useful advice ;)

Since poloniex is not processing SBD payment, i kept an eye on professor @jerrybanfield 's account from yesterday.
Thanks for sharing cashout method.
I m waiting for your post about SBD future because i read somewhere today that witnesses are going to control the price of SBD and try to pull it back somewhere around 1$ , if it's true than sharing this information will be helpful for all of us.

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With the author rewards created each day, there should be consistent sell pressure on SBD especially as more of us realize how high the price is and know how to cash out. As a witness, I think we would be wise not to try and force the price down by any intervention because the high price greatly benefits authors, helps promote awareness for Steem, and helps the Steem price increase.

it is so super crazy I don't understand why SBD would hold more value then Steem

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Yeah, I does not really make any sense at first glance. However, SBD has a very limited supply, so the price was quickly raised when a few people started to buy it. Steem on the other hand has a much higher supply, so it's more difficult to quickly skyrocket like the SBD did. However, I don't really get why some traders began to buy a lot of SBD anyway.

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Exactly the positive feedback loop of higher SBD price on the internal market on Steem then kept driving more buys and now that it is getting traded things are just crazy!

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With the USDT wallet getting hacked, I think traders looking to have an alternative started buying SBD.

Yes!!!!

I have been promoting Steemit and Steem for over a year now even when it was at .10 now here we are and I can say TOLD YOU SO!

Hahahaha how great this is for all of us here on this revolutionary platform!

Thanks for another helpful and detailed post!

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You're welcome @quinneaker thank you for commenting and for doing so much for Steem over the last year!

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I also love your face in that first photo BTW so hilarious AND cute!!!

hahaha

Hope to see you again one day.....Maybe a visit to @gardenfoeden ?

I'm liking this payout.

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Yes I bet the comment upvoting goes up 10x with this too lol.

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Your post's are amazing @jerrybanfield

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Yes, I agree! This is epic indeed!

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I am new to steemit. So some of this is foreign to me. Is there a way to private chat so I can gain more clarity?

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There is a Steemit chat, over on http://steemit.chat. Just register there, and you can privately message anyone who also uses the chat (which is 35,000 people, so it's a lot of them).

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everybody does,,, I still do not have any SBD yet but soon I will,, when the price of SBD reaches $50 lol

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It can happen . Anything is possible in the Crypto world. Steem On!

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Yeah, me too! It's amazing to both receive and give so much higher rewards than only a few days ago ;)

How long do you think this high SBD price will last @jerrybanfield?

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I have no idea because I thought it would be done at $3 and then $6 and now I am sure it cannot sustain $12. For all I know it might be $20 tomorrow or $2!

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You called this a long time ago Jerry. You said steem would hit $10 this year. OK so it's SBD but hey, whose complaining?
I bought 28 steem for 4SBD on the internal market yesterday which I was pretty happy to do.
You make a good point about going the 50/50 route. Be crazy not to and I just got this new upvote dodad that appears when I comment so I guess we are supposed to upvote our own comments now too?

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@molometer lol good point I will take the Steem Dollars hitting $10 as a correct prediction :) Upvoting our own comments is an option and it tends to work best in moderation.

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Hello Jerry, first of all a greeting, since my beginnings in steemit, which is not more than two months and a little more I follow you, and I think it is very complete all the information you upload through this platform, now I want an advice from your part about an investment I made, that because of the little knowledge I have of cryptocurrencies I think it was not the best decision I made at that time.

The situation is, that with 40 steem dollars the iverti in bitcoin, when the SBD still stood slightly more than 1 and some dollars, and now that the SBD went up in such a dizzying way, silos would have left my 40 SBD without changing them to bitcoin , I think I had $ 320, a situation that is not like that, because what I buy in bitcoin makes me scarcely no more than $ 100, my question is: what can I do to recover a bit of that bad investment? I ask you for the advice in view of your extensive experience and experience in the steemit platform and in the diverse and deep knowledge that you have in the cryptocurrency business. In everything you can help me in this advice I would appreciate it, Regards.

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@carlos84 after making a lot of bad investments in the last several years often because of impatience, what I have learned is to do the best today with what I have and to use what has happened before to educate me today. The main reason I made bad investments in the past was impatience which today educates me to patiently keep contributing to Steem each day without demanding big payouts.

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OH isnt this my life story with Crypto.. if i had been patient,, oh IF IF!

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@jerrybandfield this are the best news I've heard today!!!!!

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@splendorhub I am not sure if I should ask but you will tell me what he is PUNCHING in the GIf ???

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LOL, Such a Clever Young Lady

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yeah ! ,
I also want to know this answer.
Thank sir.

Jerry, you are a beast man! Yet another quality, informative and lengthy post. I don't know how you are capable of coming up with so much content but keep it up man. Cheers!

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@generation thank you! I am grateful I have time to make blogging on Steem a top priority each day along with making videos on YouTube which feature Steem. My hope is that Steem will give more of us the same opportunity to get paid to do what we love each day!

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You have been doing an amazing job at it. @Jerrybanfield, a bit off topic, remember when we met in the Sarasota Steem Fest and my friend "Bogy Yordanov" was next to me. Well, I have been working on writing a Biography about him along with original pictures taken by professional photographers . He is a professional body builder and is just recently began traveling the world to get exposure. He recently posted a picture on Instagram with his 7 year transformation that got him over 300,000 views. I have put together great content which I think will deserve to hit trending but I am not sure what time would be the best to post it so that I can get the most traffic on it. Maybe you might be able to guide me with some info :)

amazing analysis i have no idea where u cm up with all this....but thnx for sharing :)

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Spent all of my time doing this today and reloading my Steem witness servers!

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awsm sir thank u very very much my blog is also into crypto...M also doin this research all the time...bt never cm up with smthing like dis.. its been a week i joined here after watching ur youtube video while looking for sm crypto news in the first place :)

Was wondering about that. I converted 6 SBD and came back as 32 Steem! I was thinking that was a mistake.

You're my witness Proxy!!

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Thank you very much @solidkey for setting me as your witness proxy at https://steemit.com/~witnesses and for buying so much Steem with your SBD!

I think we need to add the possibility to transform from STEEM in SBD in order to reduce speculation (details in this post).

Why? because SBD should be pegged to USD. It is not good this rocket price for the community. We need a strong SBD in order to compete with USDT.... if the people wants to change BTC to dollars they will choose USDT because it is well pegged.

We can convert SBD to STEEM, then the price of SBD has a floor. But we cannot convert from STEEM to SBD, then there is no roof. Lets change that!

sbdproposal.png

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@ats-david made a great reply to this in the witness channel just now!

Currently, SBDs are created based on blockchain protocols and witness parameters. The purpose for that, I believe (at least in theory), was to make the production and pricing of SBDs more stable and defined by consensus. Since SBDs are essentially a debt instrument, it would create a lot of potential risk to allow any single person to simply increase the future debt load by allowing them to basically print SBDs on their own. By taking SBD creation out of the hands of any single person/entity, that alone would mitigate/prevent a large avenue of abuse.

There were proposals for this back in the spring when SBDs were trading around $2 and there were several conversations about it. Back then, it was generally agreed upon that it would create too much potential risk to allow two-way conversions. I was trying to find the discussions about it...but I've realized that finding old discussions is nearly impossible around here unless you know the user or title.

In my opinion, short- to mid-term price spikes aren't a major concern. I'm more worried about mid- to long-term peg issues on the low side. Higher prices are essentially an extension of trust/credit to the blockchain. Lower prices are generally a sign of mistrust or a lack of confidence. Either way, I don't think the Steem economy/ecosystem is large enough to even worry about prices in regard to holding a firm peg. There is a relatively tiny economy that even uses or relies on SBDs at the moment. I don't think any quick decisions need to be made on this - and certainly not any changes to blockchain protocols yet. Let's see how this plays out over the next few weeks.

To summarize what he said, we risk more by allowing conversions in both directions and price spikes are not a major concern.

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A user on the chat showed me this old post proposing the same
https://steemit.com/sbd/@timcliff/saving-sbd-proposal-to-restore-the-usd1-usd-usd1-sbd-peg

I think that the discussion is very interesting. This post of @timcliff was worth in 700 usd, then it had a good visibility in the community. But I not see any comment of @ned or@dan.n

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Very interesting point, thanks.
I would like to deep more in details. If someone knows about the discussions he mentioned please give me a link.
I want to know more about the possible risks of printing SBD. Think that the price of steem doesn't has a lot of volately and normally it is growing. We will have some risk if the price goes down to little cents...

I made a decision to start investing in other crypto just 4 days ago and put 20 steem into btc right before the jump. I know it's not much but it's a start! But gave away almost all of my sbd this month and had powered up all my sbd savings before that! Still the 3 remaining sbd agreeably turned into 33 usd of dash :-)

Do you think the sbd rate will stabilize soon and when it does, is steem likely to rise? I guess no one knows for sure but what do you think?

I will refer back to this post wheN I have more sbd to play with! :-)

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@whatamidoing with the whole market this crazy, I am not sure what to expect in terms of price stability. The price has been stable for months on Steem and movement is good for our growth!

@jerrybanfield I just UP voted this post and the Payout jumped UP to over Triple Digits...........I have missed voting on your last few posts but I have been so busy with so many different things lately that being here on STEEMIT was a little difficult.............

Hello Jerry, first of all a greeting, since my beginnings in steemit, which is not more than two months and a little more I follow you, and I think it is very complete all the information you upload through this platform, now I want an advice from your part about an investment I made, that because of the little knowledge I have of cryptocurrencies I think it was not the best decision I made at that time.

The situation is, that with 40 steem dollars the iverti in bitcoin, when the SBD still stood slightly more than 1 and some dollars, and now that the SBD went up in such a dizzying way, silos would have left my 40 SBD without changing them to bitcoin , I think I had $ 320, a situation that is not like that, because what I buy in bitcoin makes me scarcely no more than $ 100, my question is: what can I do to recover a bit of that bad investment? I ask you for the advice in view of your extensive experience and experience in the steemit platform and in the diverse and deep knowledge that you have in the cryptocurrency business. In everything you can help me in this advice I would appreciate it, Regards.

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@carlos84 after making a lot of bad investments in the last several years often because of impatience, what I have learned is to do the best today with what I have and to use what has happened before to educate me today. The main reason I made bad investments in the past was impatience which today educates me to patiently keep contributing to Steem each day without demanding big payouts.

Informative. Thank yoy for updating us man. It was my first time to payout yesterday but I don't recieve until now since a lot of people sold their sbds yesterday. Now I know what to do next time. The value of sbd was really crazy. Everyone whose first timers like me was nervous. I usually redeem sbds that appear in my wallet. Thank u. I won't do it that quick next time. I hope you also know coinsph from blocktrades but since you are not from the Philippines I should ask some assistance fr Filipino steemians. For sure you can help if you know coinsph.

thanks Jerry for showing a clear and best instruction how to become some $ out of sbd.
I dont have much, but see it as a lesson How to do.

Great guide as always, Jerry! Keep up the good work :D

I hope this extreme gain is the value of SBD has helped some people with the Christmas shopping this year. This time of year can often be financially difficult for those who have big families, so I bet this was a very nice time for a SBD skyrocket for many!

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Thank you @valth I will be making some extra student loan payments with my SBD cash outs!

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That sounds like a very good plan! It must feel very good to be able to get rid of those a bit earlier :)

Wow, very detailed explanations, I really like with this payment method and the method of how you describe Sir @jerrybanfield. I just know that a lot of digital money Exchange site that can be used to convert digital currency into USD for example. So far I only know the Coinbase, Poloniex and Bittrex only, it turns out that there are many more other Exchange sites. Thank you very much information about this. And also another one about SBD I also agree with you that the SBD be exchanged before the Steem thing to watch out for in advance is its market price, by chance a few days ago my friend also did the same, nearly about 60 SBD that he had converted to the Steem, while as we know that the currency of the SBD now is experiencing a rapid increase in prices. A very interesting article Sir, happy to be able to read it.

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Thank you Herza!

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One of your best blogs @jerrybanfield ! Keep blogging..

Very new to crypto and Steemit. I have watched a couple of your videos. They are very informative. Thank you for your contributions!

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You're welcome @coppertonguy thank you for joining us on Steem!

Thanks for the post. Just got approved and joined 10 minutes ago. Articles like this are very helpful. Hello all! and thanks again!

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Welcome @the-millz thank you very much for joining us here! How did you find Steem?

in my country coinbase does not work what should i do :( @jerrybanfield

Great post Jerry! I wish I knew this a bit earlier on, haha!

@jerrybanfield this is great news! I'm currently at 50/50 so reading this post is extra sweet!!!! thank for this :)

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I like this lady @splendorhub. She is very engaging with others on STEEMIT

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@stokjockey Thank you for comment :) Shooting for the stars aiming for the moon !

This is not a post, this is a whole course! Damn, man, but some great info though. In Europe btcdirect.eu and coinsdirect.eu are also a fast way to cash out to EUR...

Will this still work if you buy the SBD on steemit or bittrex and then convert them to btc

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If we take SBD from Steem and put in on an exchange yes! We can also buy on an exchange and sell back to BTC as well which it seems a lot of traders are doing now!

steem should rise, not sbd damn!

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SBD rising has also led to Steem going up a lot too! The longer SBD is high, Steem will keep going up also!

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Agree, but this is the problem.. i have fear, cause sbd will probably return back to its original value, $1.
I hope not, but sbd was created for this..

THX jerry, nice times to come for steem... I just exchange it for steem

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Awesome @rival I have exchanged most of my SBD up until now for Steem and it makes sense to cash some fiat out now too!

Excellent article. I am saving it for later when I have the luck to be able to earn any Steem. Thanks!

Yeah I converted some SBD to Litecoin today, I wish I had saved some more SBD I have been burning thru them as soon as I got them by buying whale votes I should have had a save 50 percent policy. Live and lean

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Same here from now on when SBD is near $1 I am stockpiling!

Thanks for the updates and for taking the time to write all this

It's been totally insane now! I doubt though if many would stock much sbd, or sold them at 1.5 or 2 already instead. :D

I had turned ALL of the SBD into STEEM POWER!

This is great information as i was recently about to convert what i had stockpiled. Excellent post again as always.

Amazing post, as usual! Thanks for the tips Jerry!

Thank you @jerrybanfield .This post is so much informative I think everybody will be benefited from this post. Thank you again...

Ohh! learned a lot from you.this is one of the best post for the time.
I was looking a post like this and you made me my all doubts clear in 10 minutes.
Very well and detailed explained.
I would love to re-steem. thanks for the informative post.

Thanks always, Jerry.

Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @glitterfart valued at 75.77 SBD, based on the pending payout at the time the data was extracted.

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Thanks for this info... Very informative, although I only have a very few dollars in my wallet as a newbie in steemit.

Very helpful advice until I read you went all in on steem lol. I never go all in on any crypto

Great information. Thank you for sharing

This is very confusing for me . i am new here, but i think i will understand it very soon. i already added this page to my bookmark.
take a look on my blog
https://steemit.com/cold/@krhemant007/when-outside-is-freezing-but-bae-wants-to-meet

Really good information in here. Thank you for the breakdown on that.

Great explaining how it can work, thank you very much for this post

Thank you bro, you are genius.

Wow. I feel like my brain just developed some more. Thanks for all the information. Very helpful.

It might be a good idea to invest at least $1000 into steemit because version 2.0 is coming out I think. The new version might attract a lot more people to steemit. Will version 2.0 still be beta?

Now I see how it can be done! Thanks for the link to Changelly. I'm your NEW fan.

it went to 15$ USD at one time, and i was just shocked when saw, because some days before i converted to bitcoin at rate of 1.50$ USD :(

and i want to ask that any good exchange where we can transfer funds except bittrex and poloniex.. Please if not have then please post an article for steemit so that they can connect with more exchanges.. my money is stuck off in bittrex and can't withdraw :(

Thank you for this thorough post.

I thought referral links/banners are not allowed here. I deleted all referral links on my posts since @steemcleaners left a comment in one of my posts 😤

Amazing post. It's very informative. SBD value is really cool now and I wish I could have many of them or it remains to the same value😀

This post has been ranked within the top 10 most undervalued posts in the first half of Dec 09. We estimate that this post is undervalued by $61.38 as compared to a scenario in which every voter had an equal say.

See the full rankings and details in The Daily Tribune: Dec 09 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.

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Once again, super helpful. I'm enjoying reading these articles every day because they're powering up my Steemit knowledge! Thank you @jerrybanfield.

I watched this whole video but I’ve never used bifinex or held tether 🤦🏾‍♂️ what am I doing with my

rather complicated issue. But you explained it very well to me

amazing analysis i have no idea where u cm up with all this,,,,,,,, But Thanks for sharing This information

realllyyyy awsome love it.

Wow bro.. you have been working really hard ! Keep up the good work :)

Don't know how long it will be possible to get that much through SBD but it is nice.
All of a sudden SBD is valuable.

I love how you explain every single step. Thank you so much, you have no idea what a great help you have been. I so appreciate it.

Keep us informed don't forget to start the next video were waiting 8}
Cryptto Videos are the best thank you !!!

So, in short it is wise to spend SBD to SP or USD Now? @jerrybanfield

Good news thanks.

Thank you,Allow Myanmar.

Thank you so much! but you do panic a little about people panicking. Cryptos will be fine, they have been fine through panic periods before. But as you suggest, lets keep up with news!

Dang! I like knowing that my account is worth a lot more than I thought. I am going to resteem this for others and so I can go through it and see what its worth where I have saved from cashouts.

My goodness what an analysis, im still picking up points even after a ten minutes read

Thanks for advice

good news

Jerry, Thanks for sharing and bringing me in at Steemit. Really appreciate this article.
I'm new here in at Steemit and this information-packed post really advanced my understanding of the whole process. Keep sharing Jerry. Cheers.

Informative as always, Jerry...first found you on youtube and now will follow you here!

thanks @jerrybanfield for this long and detailed lecture. love your video and hey, try and get some water while talking long minutes, dont want my favorite youtuber and steemia chocking while educating us.
keep it up.

so happy to have joined the wonderful world of Steem. I was unaware of the profitability until recently. this post has made me even more excited to be a Steemian

some really good information here champ. I did this yesterday but straight to bittrex then to BTC / AUD then to my bank account. Wish I knew these other different ways :/

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Congrats on making it through the process . Now keep on posting !

Congratulations @jerrybanfield!
Your post was mentioned in the hit parade in the following categories:

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buy buy buy! IOTA :)

you are very helpful dear Jerry. I was wobndering wats the difference between exchanging steem ,Sbd on bittrex and blocktrades. you clerfied everything for me. but I just Have questions. i think its Good idea as well to wait BTC be at a good price(low price) when we want to buy it for SBD. and we sell it for USD on GDX when it is at high price. hope you mentiooned this in your post. its clear for you. but as beginers we need any information. many of people askign so many questions and doing my best to share with them what I know and ask them to read your articls you are awesome jerry many thanks.

You are a genius.

Hi Jerry, why not convert steem or sbd to bitusd, since bitusd is still pegging to use. This will be more straightforward.

How long do you think this high SBD price will last @jerrybanfield?

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i think golden time of steemians is starting now...

where is the resteem option?