Steemit thinks STEEM is 0.198 USD when it really is 0.123
Exhibit A, my Steemit wallet screen:
Exhibit B, my calculator after dividing those 2 numbers:
Exhibit C, actual STEEM price December 16th 2019:
Conclusion:
Steemit is artificially over-estimating the value of STEEM in my wallet by almost 40%.
What I don't know, is why!
(I appreciate that SteemLeo doesn't list USD value at all. I'm not here for fiat, and I'm not even American.)
DRutter
Hmmmmmm, upvoted and resteemed to my Steem-centric followers.
It's been doing it for a long time. I think it's trying to save face and give investors in steemit some reassurance that their investment hasn't gone to shit. Hahahaha
Hahah, maybe!
Then again, I started with $5000, and have put in 2 years of full-time work on top of that.
Neither $904, nor the actual $560, can be described as anything but "gone to shit"!!
The price feed is tethered to SBD and the concept of needing to haircut our debt to a max value of 10% of Steem's market cap.
When SBD get's back up to a dollar this will no longer be an issue. This will happen when the market cap of SBD is 10% or lower than the market cap of Steem.
So is 4563 STEEM really worth $904 USD, then?
If so, how would I go about getting 904 USD for 4563 liquid STEEM? First trade it to SBD? Then what?
sorry for never getting back to you. The price feed on Steemit is Steem/SBD not Steem to USD. They use a dollar sign $ when they really mean SBD (which has no symbol). It assumes SBD is worth $1.
Okay then, I assume $1 CND is worth $1 USD. Doesn't make it true though. I can't convert my CND to USD at par, just like I can't convert SBD to USD at par.
So they're lying because it makes them look good. That's a bad sign to me.
And wait for SBD to become $1 again I guess? 😅
Ahhh. So it's... a theoretical estimated value. Okay then.
Uh oh, that sounds sketch!
hmmmm
They are not wrong.That's the value the Steem in trading on the internal market. Just go to your wallet, then to Market.
Your graphic gives SBD as the units. The Steemit wallet says "in US dollars":
My understanding is that 1 SBD currently = 0.59 USD. (Would that explain the 40% discrepancy?)
If the way Steemit is doing it now is correct, why did they suddenly change it to this way a few months ago? My estimated worth went from $500 to $800 in an instant. Sounds like I'm not the only one.
Correct. I believe it follows the sbd price, that is the reason.
So the Steemit Wallet should list the units as SBDs, not as USDs, then?
I assume they calculate SBD as a Peg, which is primarily its function.
Will they accept 1 SBD in exchange for 1 USD, then?
Or do they only calculate it that way when it suits them?
I assume the latter only lol
You should sell your STEEM. Face the truth - crypto world is not for you. 😈
Was that supposed to be a useful comment, or a funny one? Turns out it doesn't appear to be either.
Probably bottom is still not in if you are not ready to sell your assets.