How much SBD has been converted to Steem recently?

in steem •  14 days ago
  • 2,475,261 SBD has been converted to STEEM this month so far.
  • At an average price of approximately $0.50 this equals about 5 million newly created STEEM.

That's quite a lot.

1. Daily Amount of SBD converted to Steem

DateAmount in SBD
2018-11-2720,261 SBD
2018-11-2631,039 SBD
2018-11-2511,835 SBD
2018-11-2449,437 SBD
2018-11-2356,173 SBD
2018-11-2250,970 SBD
2018-11-2184,889 SBD
2018-11-2076,757 SBD
2018-11-19257,041 SBD
2018-11-18310,769 SBD
2018-11-17131,106 SBD
2018-11-1698,524 SBD
2018-11-15311,912 SBD
2018-11-14168,533 SBD
2018-11-1383,281 SBD
2018-11-12119,594 SBD
2018-11-1168,139 SBD
2018-11-1075,519 SBD
2018-11-0978,243 SBD
2018-11-0884,380 SBD
2018-11-0732 SBD
2018-11-0642,386 SBD
2018-11-0568,764 SBD
2018-11-0457,102 SBD
2018-11-0358,349 SBD
2018-11-0233,384 SBD
2018-11-0146,842 SBD
2018-10-3147,175 SBD

2. Weekly Amount of SBD converted to Steem

DateAmount in SBD
2018-4851,300 SBD
2018-47587,102 SBD
2018-461,223,719 SBD
2018-45417,463 SBD
2018-44339,080 SBD
2018-4313,191 SBD
2018-427,905 SBD
2018-4164,666 SBD
2018-40127,402 SBD
2018-3943 SBD
2018-3813,156 SBD
2018-37317,548 SBD
2018-36230,220 SBD
2018-359,895 SBD
2018-34139,329 SBD
2018-3374,163 SBD
2018-32205 SBD
2018-312 SBD
2018-302 SBD

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Is it also possible to see how much Steem was created via conversions per week?

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Unfortunately not. I have only the SBD amounts in my database. I can only estimate it by taking the average steem price at that moment.

With this conversion rate it makes sense as the long term outlook for steem is great.

Posted using Partiko iOS

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Everything is always bullish. That's the first rule of crypto.

Thanks for information! I think this means that the protocol’s mechanisms are partially working to solve its incentive structure as that SBD represents more than 10% of the supply and it had not been used in these volumes in the past. However, given the price lately it will probably slow down as it has become less attractive.

Posted using Partiko iOS

I´m one of those who is converting my SBD to STEEM, such a great way to increase the amount of SP.

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Note that this topic is about the convert_sbd command, not using the internal market. By the looks, unless you're using a different account to use convert_sbd, you're talking about exchanging SBD for Steem on the market.

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So i have been wondering about this. I have never used it myself but I am assuming your post is somewhat outlining what I am thinking. Maybe you could help me make sense of things.

From my understanding of the whitepaper an SBD represents $1 USD worth of Steem. In today's market where SBD be purchased for less than $1 USD, can that cheap SBD be converted (using this SBD_convert command) for $1 USD worth of steem?

Is this a true statement? and if so is this arbitrage opportunity the reason for the high rate of conversion that your post is outlining>?

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SBD represents $1 worth of Steem when the total SBD value is less than 10% of Steem Virtual Market Cap. Right now it is above 10%, and as a result using convert_sbd will net you $0.90 at the current price. It also takes 3 days, and the price will have changed by the time the order completes.

There is an arbitrage opportunity but after crossing the 10% threshold it has become high risk. That's why it was happening a lot, only to suddenly stop in the last few days.

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Could you give an example that would explain an optimal situation to utilize the SBD_convert command?

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I wrote an article about it a few months ago.

https://steemit.com/steem/@demotruk/using-the-convert-option-with-1-sbd-does-not-give-you-usd1-worth-of-steem

I didn't include the situation we're in now, where SBD is above 10% of the market cap, as I was not sure how it changed until recently.

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Steem being created? PP is the Steem not being bought at market from those who don't want it - or are you talking about reward Steem instead of SBD?

Posted using Partiko Android

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When SBD is converted to Steem the SBD is burned and new Steem will be created. It is not a market trade.

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Is this in addition to the 9.5% inflation or included in it?

Posted using Partiko Android

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What happens is that when posts are paid out in SBD, the STEEM from the reward pool is converted to SBD (destroyed). When SBD is converted back that STEEM is then returned (created), resulting in no net change to the 9.5% (now actually closer to 8.5%). More specifically. this is what happens if the price of STEEM has not changed. If the price of STEEM has gone up, then less STEEM will be created by the conversion than was destroyed by the original payout, and the inflation is lower than the target. If the price of STEEM has gone down, then more STEEM is created and, the inflation is higher than the target. On average, across both up and down markets, it should average out about the same as the target. If you believe that cryptocurrency (specifically STEEM) will go up in long run, then the overall net will be lower inflation. Of course recent experience has not been that.

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Thank you Smooth - this makes it somewhat clearer and makes more sense - especially reading that steem inflation is currently above the average (where others have tried to convince me it is not.) But just to clarrify - when I buy Steem at the market (in steemit.com wallet) is this SBD being burned - or is it simply being paid to another party (which I thought was the case)?

Coincidentally enough - I have been listening to Ned comment on your reply post in the big Steemit.Inc update. You have some great ideas there smooth. Thank you again.

SirKnight.

Posted using Partiko Android

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When you buy from the market (https://steemit.com/market) it is simply an exchange. You get the STEEM, and the other party gets the SBD. No change to the supply of either.

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Ok - all makes sense. Thanks Smooth.

Posted using Partiko Android