NEVER EVER USE THE "CONVERT TO STEEM" BUTTON! ALWAYS ALWAYS GO ON THE INTERNAL MARKET

in warning •  2 years ago 

screenshot-steemit.com-2017-12-10-11-27-00-612.jpeg

Shortly after my first post, I realized how many newbies that may not know the difference between the "Convert to Steem" and the internal market.

A friend of mine, who didn't know better missed out of 400 STEEM because of that! Ouch!

What's the difference?

The "CONVERT TO STEEM" button in your wallet is there to guarantee that you'll get $1 worth of steem with your steem dollars. But it doesn't sell it at current market price!

The conversion via that mechanism takes 3 days I think and it can be helpful when SBD are selling for below $1 but when it's worth $12-$14, it's catastrophic.

TO PROPERLY EXCHANGE YOUR SBD IN THE CURRENT SITUATION you have to go in the internal market which can be found in the hamburger menu on the top right under "Currency Market" or by typing: https://www.steemit.com/market

The screen should look like something like this:

screenshot-steemit.com-2017-12-10-11-32-51-019.jpeg

Wishing you a happy SBD/STEEM conversion from now on.

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Dear @cryptoctopus, what an excellent article ! You are a really smart steemian ! Thank you so much for this type of advice ! It's so easy to make this mistake...
Your son is a genius @grandpere ! :-)

As a newbie I had no idea about how this all worked and I’m sure I would have made that mistake. I guess it’s a good feature for when it’s lower than $1 but you think they would have a warning before the conversion.

A warning would be a step in the right direction. I calculated lately that between 5 and 10 % of the daily SBD in the author reward pool is erroneously converted from SBD to STEEM.

My guess is people just want to power up and they think this is a market order, but it's not. In conversation, people often confuse “convert” with “trade." They mean "convert SBD to STEEM on the internal market or via bittrex" but they just say "convert." So people hear that you can convert and look, there's an option to convert, how convenient.

5-10% is a lot! I’m still confused by all of this but I do know I won’t be hitting that convert button!

  ·  2 years ago (edited)

Why would the platform have such a choice so blatantly misrepresented?

It really makes me re-think what this whole thing is about. How deliberate was that UI choice, I wonder, and what does that say about the rest of the Steemit platform design?

What other "gotchas" lurk in the system?

There are times when this option is helpful, but not right now.

This idea was recently discussed among Steemit developers. Hopefully they'll implement it.

Seems like it would be a pretty simple fix. I’m loving the app at the moment though!

I exchange SBD for BTC in Bittrex when BTC prices are low with respect to average, them buy Steem when BTC goes up.

Seems like a good way to stay ahead of the curve. I’m still growing my account and haven’t even thought about converting or trading or selling or whatever other options there are. Just got my first reward from posts and comments.

Let me make a correction on this strategy.: I had never used the internal market. I was not even aware of it,due other confusing internal links of Steemit. Recently I started to use it, and I find I can get more steem and fastest than Bittrex. Hence, now I would send to Bittrex only to invest in other cryptos, but not for exchanging them to Steem. Of course if I were to sell, them I would do it against btc and eventually into steem. I want reach 1,000 the fastest. Large amounts of steems behaves as Black Holes regarding followers. And the more followers you suck in, the more gravitational pool you will have.

Dear @justinmora, I'm very new to Steemit, just registered 2 weeks ago. I was thinking about exchanging SBD to BTC when BTC prices are low, but could you please tell me what is the difference between buying Steem or Steem Dollar when BTC goes up? Why is buying Steem better than buying Steem Dollar?
Thank you very much for your reply in advance :)

Let's go by parts in function of my current knowledge: You buy Steem to Power Up, so you can get more steem and SBD.

If you buy BTC with SBD when BTC prices are down, then you can latter get more Steem when prices of BTC are up. The more steem you power up, the more potential to improve your cash flow of Steem and SBD you will have.

Thank you so much for your explanation :) That's very kind of you!

@cryptoctopus For first time i had convert SBD to Steem but take it 3 days, as after so many days later i could realize that i am a looser because SBd value 7 or 8x !

That sucks, lessons learned I suppose.

  ·  2 years ago (edited)

Someone else had 1000 SBD locked in conversion, a huge loss. What's also important is that the conversion CANNOT be canceled once it's initiated.

That's how it would feel to me
0srzKvA.gif

I realized how many newbies that may not know the

hahahaha...!,,,exactly evryone will feel like this

Nobody could have anticipated that pump. I mean who hodl'd SBD? Nobody :(

lucksacks.com does and then we pay it out to our players and they 20x. :)

Maybe I should start playing at lucksacks again!

Yeah, I don't see why anyone would be holding SBD prior to this. However, if it ever gets down to $1 naturally, then I bet we will see lots of people who hold on to their SBD rewards in case this happens again!

That's the dilemma, nobody had any reason to hold SBD. It was trading at $0.95 for a months. And yes, when it goes back to $1, I'll be the first to hold it and wait for the next pump. The last pump happened in May when SBD reached $22! So it's possible we'll experience another pump in a few months (if history decides to repeat itself).

Hahahahahahahaha Great example dear @cryptoctopus

I had only 0.5 SBD left, so not enough to sell on bitrex.
So I thought, maybe if I use the 'convert' button. Then I might profit from SBD's spike.

Luckily it was only 0.5 SBD.

  ·  2 years ago (edited)

Transfers from/to exchanges cost ZERO fees, gotta love Steem. So yes, you could transfer that 0.5 SBD on bittrex, sell it, buy STEEM, and transfer that back. However, there are commission fees for each transaction on the exchange itself.

In the end, the internal exchange remains the best and quickest solution. I recently bought 60 STEEM with 10 SBD on the internal.

10 SBD x $12 = $120
$120 / $2 per STEEM = 60 STEEM

The prices are approximate when I did the transaction. But you get the idea.

If you buy BTC in low range, wait to hit higher, and then wait steem to go low, then you maximize

Oh man, that must sucks. That's like a 500 Steem loss or something like that :(

My first rookie mistake was something similar. In my introduction post about 3 days ago I choose the 100% option instead of going 50-50. I didn’t knew nothing about Steem dollars at the time.

But either way, I am happy to have found this community and excited to take part in this!

Read the FAQ, it's the first thing everyone should be doing when they join any platform. You'll find a lot of information to get you going :)

Yea I heaerd about it on discord, luckely I used the internal market, man i got cheap steem! I also think it is better to buy steempower right away. When sbd goes back to 1$ we have our origianal amount of $ but when you buy for 5sbd like 30 steem, steem will never go down 14 times. Or do you think it is better to keep my sbd till it is higher? higher sbd doesnt mean more steem because when steemprice rise you can meaby get equal amoubnts of steem on internaml market :) ?

Great post, I always buy on the market. Waiting 3 days is silly.

why this otption doesnt lead to the market at times when sbd price decouple from 1 usd?

A little bit too late for me.. but it's good to know in the future.. I think I only lost 90% of it :((

Sigh.... I learned this the hard way. I thought one SBD = one STEEM. This newb learned the hard way. haha!

A month ago 1 SBD = 1 STEEM.

Now, 1 SBD = 6 STEEM.

Funny how quickly things change.

Ouch, I'm sorry for your loss :(

Really a hekpul note at the right timr...hope it will help me sooner..😉

Thanks that info. Wow I used to press it all the time

what's the secret.. I wrote a similar article and hardly got any views.. and this article is just rocking with upvotes and got on Trending

Convert to STEEM option looks like a good arbitrage opportunity when the price of SBD is bellow 1$.
I remember that proce some time ago on poloniex or bittrex.

Thanks for letting me know. Already lost lots of sbd this way. Feeling sad.

Thanks for this info. I used convert to steem after I transfered my btc to steem 3 months ago, then majority of my steem was use to power up to steem power.Now I don't want to do it. I also don't want to convert my sbd to SP. I use blocktrade to buy sbd or steem, do you think it's okay? Kindly give me a wise advise...thanks!

Wtf.. i don't know that...and nobody ever told me about that.........thanx a lot buddy...

Providing a description of that market screenshot, along with guidance on usage would have made a more complete and even more useful post. That market page definitely fails the user-friendly test, along with being un-obvious what each side actually does.

No way I going to be the one trying to explain that market page to my wife! While I can reason through what conversion will occur and what the number marked SBD/STEEM represents, I should not have to do that. A good description would save a lot of time for every user.

Ideally the page would have a better description. But since it’s missing, adding a few words of explanation would really add a lot of additional value to your post. And your post is valuable and great information/advice.

Getting people to the market screen is good. But too many users will be so confused, that many will return to the first screen to use the Convert option as it’s easy to use and understand.

Thank you very much for the info, I made that mistake last week, luckily it was only 2 SBD, so around 20 or 25 lost. I had just realized that this was as you say but I was not sure, I am using blocktrades now.

You rock sir for refreshing and very much guided us in running circumstance. these are the technical points generally steemians specialy newbies doesnt know. so due to your previous and latest post we learnt much. amazing endeavors you have for the promotion and development of this plateform, I realy appreciate your work. indeed much obliged.

Thanks a lot for your guidance in conversion SBD ---->Steem in present scenario @cryptoctopus. It is very help to newbie and they can save their money. You're really a true steemian who is serving the community in the right direction. Keep posting & Stay Blessed!

oh no, poor guy. Wouldn't it always be better to go with the internal market? I mean, if the SBD is below $1, it would be better to sit on it for a while than lock it in the three days wait, a lot can happen to the market in 3 days, right?!

you know initially sbd was pegged at $1 and those that earn usually convert to steem sometime later even users preferred reward to be 100% not now that sbd increased massively and no one expected this

Yeah, there was never a real reason to use the converter at all. I don't think SBD has ever stayed below $1 for an extended period of time. However, if the converter did not exist, then SBD could easily drop below $1 in value, so it has some uses :)

i tried that once at the start and i know how worse is that never used that after that straight away i got to internal market and convert it into seconds anyways it would be really helpful to the new people out here on steemit thanks for sharing your experience :)

yeah its new for me to convert to steem in walet and they show that convert in 3.5 days i dont know that how converting method is it now price value or that after 3.5 days value they give me @cryptoctopus

Thanks! I totally had not understood this and have only educated myself in light of the unexpected SBD explosion. Like it seems most people on Steemit I had been regularly converting my SBD to Steem. This has been the clearest explanation so far - so thanks!

To be sincere am enjoying what you have been sharing to us about steemit today, most new fellas did not know about this and missing much. thanks a lot.

Very useful ! I had used this once by mistake and till reading your post I didn’t knew the difference.... appreciate the post

  ·  2 years ago (edited)

Thanks for this great info @cryptoctopus it was really helpful and will be to other steemit newbies

I totally didn't know this, thanks for the helpful PSA!

Thanks I had no idea about this at all. Will definitely use the exchange in future

Thank you very much for your kind information of convert sbd to steem. I didn't know how to convert it? But when I read your post, I know it.This kind information help me very much for my dream! Thank you @cryptoctopus .

Gd @Information dear #cryptoctopus thanx you so much. for your new update sharing . & you always give our Gd post .

Thanx you so much dear @cryptoctopus for sharing steem new update .

Never used it (the internal marketplace) before, but will always use it from now on...
Thank you @cryptoctopus !

Am a newbie and I have learn something quite interesting... I love this

This is a neat idea. I had no idea how to work in a new form. Want to know how long the SBD is under $ 1? Your idea will be very useful. I always wish to follow you with a new idea.

DQmex2bHysWCkJECcrPTnkti1zR8umPhmvhkXMfJgCAC227.gif

Ohh my I have been doing this, thank you so much I never knew.

  ·  2 years ago (edited)

there are many users who say that do not convert to steem but in your post this is very clear, so now we have to prevent such a disaster,
Thanks for information sir!

A thank you is not enough for you. you are a guardian tome in the steem community. the way you are helping newbies like me I am sure you will be blessd by many people. just greatfull to you.

DQmdFrxBBT1R2CaAWR3AhX4mrv68Jdr6bUVCnMv9QPGr1tZ.gif

a pull request to have that feature disabled for the moment, as soon as possible. At least until SBD comes back down to 1 USD, assuming that it ever will again. I for one hope it does not

Well that clarifies things. I'm new here so thank God I read this before I fell into that trap.
Thanks for the warning.

Thanks for the advice and i think we should keep on working without much thinking about conversion.

There is an important reason why the conversion buttons is there.

If even Steem Blockchain Dollars ever start trading below $1, then you can use the conversion button to get $1.

So, if SBD is trading for 50¢ on the open market then you can recover your purchasing power. This is the mechanism that keeps SBD from going below $1. The designers never thought it would go over a dollar. So, there is no internal limiting thing that can keep the price from going up and up and up.

Thank you..Is that the start of the process to get cash from my steem account?

Thanks for this very informative post!

Thanks for the info, Im a newbie and need to read up on stuff like this :)

@cryptoctopus,
Very first day I made this mistake and it didn't cost me a lot, coz at that time SBD was around $1! But now it cost a lot! So, this is a great thought to share this useful article for minnows and newbies of the market!

Cheers~

Thanks for this awesome update
Hope the "sell" via blocktrades for SBD to Bitcoin works well?

great advice and information mate. many people are confused about this thing - it's really helpful :)

Thanks for information and sharing @cryptoctopus... i once did convert. now i know why my convert SBD to STEEm not in accordance with market price..

O wow, I thought it ment conversion at the rate that was present when the 3-day waiting period ended. Having it converted into 1 dollar is kinda sad right now, lol.

@cryptoctopus - Sir this is a very valuable lesson to us.... Thank you Sir....

+W+ [UpVoted & ReSteemed]

I was converting to steem at the beginning, but now I know better.

nice, never convert your steem dollars ? steem solve this problem,

That's quite a Revelation

Thank you

You saved the day for many with this post.

  ·  2 years ago (edited)

Heard someone used the conversion process also some days back and still in process, fact is that newbies on this platform dont know much and usually don't ask, they prefer earning by all means and end up losing it all later

This is a very good warning.

Many simply are using what is in their wallet to make the exchange meaning they could be losing a ton of money. It is imperative that we get the word out there as to how to properly exchange/convert SBD into STEEM and STEEM into SP. Too many simply click the buttons since it is the path of least resistance....and often the costliest.

  ·  2 years ago (edited)

I got caught out with this but it was only a small amount of Steem thankfully though I got it quite quickly in comparison. Yes, always go directly to the market to exchange your SBD for Steem. It really is daft they don't have a proper warning, I didn't know it worked like this, I just knew to stay away from the button afterwards.

Depending on the prices it may as well be labelled "Make my Steem go missing for several weeks" button, it just goes to show you. If you're new to anything in cryptocurrency, use small amount first before you click on anything to see what it does.

It's good that you warn new users of this, @cryptoctopus! Usually they won'y really miss out on much by selecting the wrong option, but now they could easily miss hundreds of Steem on even small values of SBD. I hope no one makes this mistake when they are planning on taking advantage of the good SBD price.

I think it's unnecessary '' convert to steem '' , you leave your money uncertain for 3 days..

So what do you do with your steem $? If we don't convert it to dollars than how do we spend it?

that is really helpful, thanks. Intuitivly I would just have clicked the button. That's really something that should trigger a warning/confirmation window.

i am always covert sbd to steem from market steemit
check my wallet

Indeed some newbies didn't know this truck of using the internal market.

I know i am not supposed to post a link here,but may be some one might find it helpful.

I made a post of how i converted 1.8 SBD to 12 Steem!!!! and Power Up.
Here is the link for anyone who is still stuck check it out and Power Up Minnows and Newbies,this is the only ripe time to Power up.

thx, did this mistake, why not make "convert to steem" automatically convert at market price?

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Thank u for this very enlightening piece, sir. I nearly made the same mistake as your friend earlier today. Sbd had climbed up and i needed to swap the few i have left there for steem before it all went down again. My hand mistakenly clicked 'convert to steem' instead of market which led me to the confirmation page. Luckily for me, I was immediately to notice where i was and reverted to the intended course.

I have never used the convert button nor knew how it worked till now. I can just imagine the ordeal i would be going through had i gone ahead with that option.

Thanks a bunch for clearing that for us.

I realized how many newbies that may not know the

I alway use blocktrades.us to do my exchange and it gives the real equivalent of SBD to Steem. I haven't tried the internal market before, maybe its way cooler and less stressful. Will try using the internal market on my next exchange.

@hornblende

Good to know. I myself did not know about this and I have been on Steemit for well over a year now.
Thank you

Well, f*ck.

I've made that mistake before. Market seemed intimidating for some reason when I first saw it. Then it's like, "oh, that's easy."

Is this for converting SBD to STEEM? What about the power up STEEM to SP? Is that losing anything?

@cryptoctopus very good advise mate fully agreed

I did not have much idea about this as a new one. After reading this post, I realized that from here I can find the means of achievement and with my help, it will be useful to me, thank you so much for describing you so well. @cryptoctopus

this information is very useful for me small fish .. i really do not know it .. i am very stupid about this. this post is very useful for platform users. and I will learn more. i will share it..thanks so much..i like you sir

Thank you very much @cryptoctopus ! I am a newbie and this post is very informative and helpful. I would love to read your other posts. Resteeming this!

@cryptoctopus sir...thank you so much sharing this valuble news with us...I'm resteemed your post.....bcz....I think that is very important news for all steemians...
Thanks again...
Cheers~~~

Thank you for your advice my friend


very useful update for entire steemit new joiners. indetailed guidance. impressive work @cryptoctopus

@resteemia
reteemed & upvoted & commented & followed

Still wondering how it can be possible for new ones. When I see in other site I find only Steem and SBD. Then whats the need of conversion. Better stay with it and wait for Steem to rise

I often use the market but while i was kinda new to Steemit i used the Convert to steem at that time it hurted coz took 3 days but now as the value of sbd rose it will be kind of very much hard to handle lol

excelente!

Hey man- just searching around this topic and came across your message here!. I wondered if you still feel this is an important message to spread. If you read my article today - I think this "conversion" has caused excess "inflation in STEEM". If you have time you might think it's an important topic if you see my post!. Best Wishes & Happy New Year!

I really, really appreciate that information! Thank you very much dear @cryptoctopus! I am a newbie on Steemit and it's sometimes a bit confusing at the beginning if you try out something new. But Steemians like you who post such wonderful help posts make it a LOT easier for us! Very nice! I'll keep that in mind and visit the market in the future! :)

Great information. I'm still learning my way around the STEEM world so those screenshots and videos are great.

thanks.

Thanks so much for the advice ☺️ it help a lot

Upvoted & Resteemed ✌

As a newbie I had no concept about how this all labored and i’m positive i'd have made that mistake. I bet it’s a great feature for while it’s lower than $1 but you suspect they would have a warning earlier than the conversion.

84338241 (1).gif

And maybe this transformation should be canceled for a while, so as not to mislead people?

good

Aw man... I've been doing exactly this!
Arrgh. I thought it was the right thing to do... thanks for setting me straight @cryptooctopus

Thank you! definitely made that mistake.

Thanks for sharing! Links to your post were included in the Steem.center wiki pages about Steem Wallets and Internal Market. Thanks and good luck again!

I'm glad a friend of mine resteemed this as I'm also a newbie and I had no idea! Thanks!

Ill definitely be giving that a go!

Jadi, apa tujuan dari convert to steem sebenarnya sir?..

And it looks like the powers that be have removed the option so no future people will get caught out by it. Yay!

Thank you for sharing this.. I found out the hard way that i was doing it wrong :D

I almost did that, the whole wait 3 days seemed like a bad idea

I've always converted on the market. You get a better deal.