Is this proper power up strategy?
Full disclosure: I am a Steemit newbie. I've only been here for about a week. Over the course of that week I have had a couple people gift me some SBD and have also earned some SBD as rewards as well.
Today looking at the internal market I see that the price of STEEM is fluctuating in the $1.20's. Is this not the best time to power up? Most of last week STEEM was around $2.00 or more, and I see no reason that it would not return to that level. And I am long term bullish on the value of STEEM.
I've already gone ahead and done this. I've converted all of my SBD (which wasn't much) into STEEM. I consider this to be investing in myself.
I just wanted someone more experienced than me to confirm that this is a good strategy.
I have been on Steemit for about 6 weeks and I have used the internal market to move my SBD to Steem then power up. But I am wondering with the movement in prices whether this makes sense right now. I checked a few minutes ago and 1 Steem costs 1.32 SBD. In other markets SBD is priced higher than Steem right now so its seems an expensive way to move it. Not sure if there is a better way.
Listen to the voice of wisdom that is @eightyyroldself, don't wait the 3.5 days to transfer, use the marketS to get the best rate. You may want to look into @randowhale as well. =) Welcome to Steemit @quixottica , you've been upvoted, resteemed and followed!
I would say wherever you can get the best rate
The internal market is quick and easy, but I'm not sure it makes sense right now. To buy 1 Steem costs 1.308 SBD. 1 Steem = $1.76. 1.308 SBD = $2.46. Can some more experienced person confirm that this is correct?
I think you are confused 1 Steem always = 1 Steem Power. as of this moment on Bittrex (the biggest external exchange that has functioning Steem wallets, Poloniex is failing Steem) is $1.83 SBD is $1.42 this is pretty normal difference and is actually maby little closer making it a better conversion, Steem was at $2.55 and SBD was at $1.90 at its recent peak I believe, anyway this is the conversion rate you want watch.
This is very helpful. Thank you.
I'm talking about Steem and Steem dollars, not steem power.
Well Your typos are confusing,as you wrote sbc? I think you meant sbd, and i would like know where you got the $2.46 stat if you did mean sbd so o can figure out whats goin on
Oops sorry I corrected it. $2.46 = SBD price at the time multiplied by 1.308 SBD. That is how much it cost to buy 1 steem on the internal market at the time of the post.
At the time you could buy 1 steem for 1.308 Steem dollars. That is 1 Steem for $2.46 USD.
Your doing the math wrong. Lets do this backwards Internal market is about 1.3 Sbd per Steem. If you multiply the market price of sbd ($1.4) by the conversion rate (1.3) it = 1.82 whichThis is the current price of Steem.
That makes sense, but I see the market price of sbd at about $1.8. The problem must be that we are finding our market prices from different sources.
Also if you found sbd at 2.46 as the lowest ask on the selling order that would have been a bad trade and something wierd was going on with the real market of sbd is always lower that Steem
meep
I have a week here too... but i was planning to do the same...
Maybe this is just a couple of newbies errors :P
Buy on the dips, only spend what your willing to lose 🙌🏼🙌🏼🙌🏼
if you are hodl on Steem then mark your posts for full power up and keep pumping it into SP
It's an investment in yourself. When you're Steemit famous you can power down since you dont really need SP to make money at that point or to gain a following
For now its better too hold steem that is my opinion of course.
Please follow back.
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