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RE: Please Who Can Explain What Happened
There is no price bias in effect. The problem is simply that the conversion option is inappropriate to use whenever SBD is worth more than one dollar because it still only converts into one dollar of STEEM. So you lose all of the premium. Don't use it. Trade your SBD for STEEM using the internal market or sell them on an external exchange. This is pretty much the better option the rest of the time for most people anyway (otherwise you unnecessarily waiting 3.5 days and unnecessarily gambling on the price of STEEM in the mean time). Bottom line: Just don't use the convert option unless you are an expert and know exactly what you are doing.
I agree and think this should be made clear in the interface. I just mentioned that to @TimCliff as well.
Currently, three of the top 20 witnesses are advertising a price bias, but yes, it seems it's not currently in place. If it was, people would probably be even more frustrated by the results of their conversion. Could that frustration be a good thing and force them to get educated about it next time? Maybe... but I'm doubtful. There's already a "loss" (at least perception-wise) going on right now, and many still don't understand what the convert function does.
Good to see that the interface has been changed. You guys are very quick. Thank you @lukestokes
Good tip :)
I was just reading up about the differences in SBD, STEEM and SP and you guys have made it a bit more understandable. Will still away from any and all convert options for a long time :p