Help!!! How to convert STEEM POWER to SBD without losing my shirt?!?

in steem •  9 months ago

Newbie Question - how to convert STEEM POWER to SBD without losing my shirt?

I want to convert STEEM POWER to SBD around around equal values, but have not figured out how yet.

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the only way that I can figure out is to Power Down the Steem Power to STEEM. This takes 13 weeks?!?

Then go out to the Market and sell the STEEM and buy SBD - but -

if I am looking at this right there is a HUGE penalty for doing this. For example,

I just "Paid 4.914 STEEM for 4.550 SBD"

close to a "1 to 1" trade, yes? That would be okay, except

as I understand it the 4.914 STEEM is worth about 5x$4 = $20 and the

SBD is worth 4.55 x $1 = $4.55 - so -

it costs me $20 usd to get $4.55 usd ???

am I reading this right?

is there a better way to get from Steem Power to SBD's???

Newbie Question - how to convert STEEM POWER to SBD without losing my shirt?

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hi @fitinfun, any words of wisdom for me?

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I'm so late in getting here! yes, you need to power down - week after week. Then the steem comes in as projected above. You can sell in through blocktrades or convert it to sbd in the market. In my experience, the market is a better rate - but not by too much and maybe not worth it. I hope you are doing ok - I saw you were not posting much through my steemdunk and so stopped by to check things out. Hang in there - as I am doing too :(

You are missing that SBD are worth more per coin currently then Steem.

SBD = $3.90
Steem = $3.47

Now those prices are averages among different exchanges, but close enough for this.

4.9 Steem = $17
4.5 SBD = $17.55

I won't say don't power down, but just make sure you are doing it for the right reasons. Grow your account and keep doing so. Long term you will be much better off IMO.

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ok, thanks @thedarkhorse - for some reason I had the idea that 1 SBD roughly equals 1 US$ - that changes the picture when SBD isn't roughly pegged to the USD.

I learned something new today - thanks again @thedarkhorse, much appreciated!

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SBD is "pegged to $1" if it goes to low you can convert to Steem based on a $1 value. It isn't pegged the other direction though.

BTW, if you need to convert one to the other use the steem market.

Most of the time the exchange rate paid is very close to the difference on other exchanges. Close enough that unless you are trying to make profits by playing the differences it's probably not worth transferring out of the Steem platform just to bring it back.

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hi @five34a4b. beginning to wonder if your posts are run by a bot?!? I see you really liked this post enough to upvote it - no, wait, no upvote yet. well thanks anyway for the thought and the comments. The comments really are appreciated.

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Ha ha! just to prove I'm not a bot, have an upvote and even a resteem!

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Ah, the post is too old to resteem. next time!