STEEM at $7.50 - Market Cap at $1.9bn - But be Patient to See This Reflected in Your Wallet!

in #steem6 years ago

Everyone is excited about the sudden rise in the value of STEEM!

As I write this, it sits at about $7.50 per STEEM; this equates to a market cap of just under $1.9bn - the highest it has ever been!

OK, all the above is obvious to anybody who follows cryptocurrency prices.

But why is this not reflected in the value of your Steemit Wallet?

A quick check will show that within Steemit, the value of STEEM is currently about $3.20! (All these values are as I write and are liable to change rapidly.)

Why the huge difference?

Well, to avoid the whole ecosystem (and post rewards) from jumping around wildly, the price is calculated as the median value of the price feeds over the previous 3.5 days. This buffers the system from any sudden shocks and, if the price stays high, this will be slowly reflected within Steemit. This is stated in the Steem White Paper.

So you should see pending rewards slowly rise even without new upvotes, and you should see the total value of your Steemit Wallet also rise... but again, slowly.

So enjoy a smoother rollercoaster ride!

image: pixabay

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Ah I see, this makes sense. Thanks!

You're welcome! I was discussing this in a chatroom and hoped it would be useful to the Steemit community.

@rycharde you don't need to wait, just use the SteemPlus extension:

EDIT: upvoting for visibility

Thanks. Does it use a different price feed algo?
If so, that's good to know. I see two numbers - the official Steemit value and the SteemPlus one?

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Thanks for sharing @rycharde ! This will be a year of Steem for sure!

Thank you for the explanation!!

This post has received a 3.77 % upvote from @boomerang thanks to: @rycharde

@boomerang distributes 100% of the SBD and up to 80% of the Curation Rewards to STEEM POWER Delegators. If you want to bid for votes or want to delegate SP please read the @boomerang whitepaper.

Great information, thank you!

Thanks, you should already see your Wallet total edge up compared to, say, 12 hours ago :-)

Thank you for the explanation. That makes sense now. I honestly did not read the Steemit White Paper. But I was wondering why the changes were so slow to reflect the going price. It will be interesting to see how high it will rise. I think the day averaging is actually a great idea to prevent manipulation.

Well, the prices is getting lower now. And i'm not a professional crypto user. Lol XD
So, Is there any chance for steem to increase it price again?

The one thing you can be certain of is uncertainty. Yes, prices have come off their highs; people are taking profits.

Remember that the real currency of Steemit is Vests - conversions into fiat US$ are of interest if you wish to cash out or are trading Steem/SBD internally. When you do wish to withdraw some funds, then is the time to consider the best price.

Uh it surprising me because i don't know that vests is the real currency of steemit Lol. I got to go and say sorry to ned XD.
Anyways, i'm still a newbie in the crypto world so, this informations are very helpfull ^^

If you look at your account here: https://steemd.com/@aranda
you will see top-right your Vests, which are converted to Steem.

I ckeck my voting power twice a day on steemd.com but do't know what is that numeral means, got it now. One more thing, So is it mean SBD are not calculated as a vests?

If you look here: https://steemdb.com/
you will see in large numbers STEEM PER MVESTS; that's the conversion rate.
Vests are the measure of "vested interest" in the steem ecosystem, in this case Steemit, essentially the right to vote. SBD is cash only and not counted in Vests, unless converted to SP.

Awesome, i've learn a lot of new thing by having a conversation with you, thanks dude @rycharde
And also sorry for the late response, got a bit busy here ;)

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