Convert SBD to STEEM option has been re-added to SteemLiberator's Condenser
As some of you may be aware by now, the price of SBD has held pretty well close to the $1 mark that it has been expected to hold. With that, SteemLiberator has decided to go ahead and revive the SBD to STEEM conversion option via the UserWallet.
Keep in mind that this is considered an advanced feature. In fact, a large factor in the reasoning behind its removal was because users simply didn't understand its intended use. Read on for a little more information:
The point of SBD to STEEM conversion
In certain situations, converting SBD to STEEM will result in a profit for the trader. However, the trade is conducted over a 3.5 day period so there are most definitely some risks involved. If SBD is $1 and STEEM is $.90, a user stands to make a 10% profit from their conversion assuming there are no further prices swings. However, if the conversion is started, and the STEEM price rises quickly, you could end up losing 10% in the opposite direction.
IN MOST SITUATIONS, UNLESS YOU KNOW WHAT YOU ARE DOING, YOU SHOULD PROBABLY SELL SBD ON THE INTERNAL MARKET INSTEAD OF CONVERTING TO STEEM
The Process
- Go to your user wallet page
- Scroll down to SBD balance
- Click the dropdown next to your balance
- Click Convert to STEEM
- Input an amount in SBD to convert
- Wait 3.5 days to receive $1 worth of STEEM per SBD
Vote @netuoso as Witness
- Click the link above and input your active private key when asked to vote
- Alternatively, visit https://steemit.com/~witnesses
- Or click here to set @netuoso as your voting proxy
Great to have a conversion option back on a front end again, thanks. An important thing to remember is that this only really works to our advantage when SBD is $1 or less, and the STEEM Price is fairly stable.
The profit really comes when SBD is under $1, and you expect the STEEM price to drop over the next 3.5 days, and SBD to stay below $1.
The good thing about conversion is that it is effectively burning the SBD away, rather than transferring the debt to someone else.
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nice very helpful and useful post..
thanks for sharing this...
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