Steem Dollar conversion to STEEM uses a currently incorrect assumption
The assumption that the conversion process makes is that 1 Steem Backed Dollar (SBD) is equal to $1.00. At the time of this post one SBD is equal to $1.573 which means that by doing conversion you will be missing out on $0.573 worth of STEEM for EVERY SBD converted. You are far better off using the Steemit Internal Market to trade your SBD for STEEM at the current market rate. This will remain true until the SBD price is less than $1.03.
Announcing the @PSA account
I, @leongkhan, have created the @psa account in order to inform Steem user about mistakes they are making that are causing them to lose money or creating security risks for their accounts. Our first campaign is tackling the all too common conversion of SBD to STEEM using the wallet tool while SBD is worth more than $1.
I send out messages to accounts which the blockchain indicates are using this tool to warn them directly instead of hoping that they will stumble across a warning post.
If you have an idea for other messages that need to go out or would like to support the cause, please let me know in the comments below. I'm working writing a script to automate this process, if you are good with Python and can do it quickly I'd gladly take the help.
Disclaimer
Rewards from this post will be used for messaging capital and this account will also be used to upvote posts as I see fit.
Welcome to steemit! enjoy it here
I wish you the best! and hope to see you soon.
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Welcome to Steemit @psa :)
Make sure to participate in this weeks giveaway to get known in the community!
Here are some helpful tips to get you started:
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Lucky me, I am one of the people listed above! I did get your note though and I will definitely be doing this in the future! Thanks for the tip!
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I had posted about this about two month ago, though didn't have the nice charts to go with it! But my latest post might be of even more interest, as it's worth potentially even more than that in savings:
Link: DON'T POWER UP YOUR POSTS WHEN SBD IS WORTH MORE THAN USD!
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Welcome to Steem @psa I have sent you a tip
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Thank you so much for the warning! I have unfortunately already started converted a bunch of Steem Dollars but going forward I will not make this mistake again.
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thank you! upvoted, resteemed, followed... but I guess it's too late for my conversion this time?
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I do not know of a way to stop it.
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no biggie @psa - next time.
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Good idea to dedicate an account to this I've spent a couple of nights posting a comment in every post I found with the 100% power up on telling them to go 50/50, than using the internal market, but I gave up on that in the end.
Still, since I'v been keeping an eye on it the amount of SBD out there has risen from 1,600,000 to over 2000000 is just about two weeks, so I guess that quite a few people have got the message...
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How do you go to 50/50?
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When you post a new topic, you have a box somewhere on the right side of your sceen, just below the box where you entered your text.
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It's besides "rewards" and just above the tickbox "upvote yourself"
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Ah, fantastic, thanks so much!
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Welcome to Steemit @psa!
I'm a bot-helper, and I'm created to help. Congratulations on the registration on Steem - you really like it here!
Unfortunately, I can not make an upvote of your record - my steem power is still small. But in the future I will come back and do it. If you like me, make an upvote of my comment and follow me.
Your upvote will allow you to give more money to new users, such as you. Let's make Steem better together!
I follow you, and I hope you will follow me.
All the money I earn will be donated to charity.
Steem on!
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GJ, @psa. Thanks very much.
Followed and resteemed.
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Hmm, this is something I never thought of. Thanks! Calculating how things work in the platform is not really my biggest skill :)
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Just here to help :)
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Great information. Thanks.
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Many Thanks @psa and @leongkhan
You have been PROMOTED FREE for using the "psa" TAG (hashtag)
https://steemit.com/promoted/psa
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Congratulations @psa! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPBy upvoting this notification, you can help all Steemit users. Learn how here!
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Great idea @leongkhan !
Full marks to you for this, it's going to be a winner for sure 👏🏽
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Thanks for the post. I converted some SBD yesterday but it'll be good to know for the future. I'll resteem as a thank you.
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Welcome to the family! :]
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Great idea! Steemit needs more users like you! Keep it up!
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Awesome and informative post, @psa! I've been trading SBD on the market.
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Hi, thank you very much for that post. I already ordered the conversion. Is there any way to stop it?
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I'm sorry, but I don't know a way to stop it.
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New member here! hoping to get this working, here to grow with old with steem!
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So what is the point of having the market at all? I don't get this. Why have something built into the system that rips people off?
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It is not meant to rip anyone off, it is a tool that was designed when the SBD peg was working, the SBD peg is currently broken. There are discussions about how to fix it but nothing has been put in place yet.
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I see. This is very good to know, I'll resteem so more people are aware. Thanks for fighting the good fight!
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Thank you Larry! @psa - I was aware of this pitfall but had trouble understanding how to readily identify when to use the market tool to convert STEEM. I am going to re-dedicate myself to studying this aspect per your post and notification before a Power Up again.
http://coinmarketcap.com/currencies/steem-dollars/
Am I looking at that blue line in the graph? As of right now I see:
Steem Dollars (SBD) $1.74 (16.74%) so in this case I would be best advised to use the market tool on conversion, correct?
Thank you so much again good sir!
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Yes, that is a good place to watch the SBD price.
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jajaja ok,
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Thank you for this important PSA!
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I'm not much of a blogger and running out of stuff to write about. I had to take out of my account twice for survival. I'm leaving rest in just to keep the account. Thank you!
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Great post and big warm Steemit welcome goes out to you PSA. :-D
Upvoted and High Pawed!
Flatrider
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Ok, I think I understand, but my sole purpose for the conversion was to power up, I dont see a power up conversion option in my SBD, only Steem Dollars. Can you help explain, should I be sending SBD directly to Bittrex wallet?
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And thank you by way, I loved how you alerted me to this post by sharing some steem, brilliant and very thoughtful way to get the news out! Resteemed ♡
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Go to the Internal Market and 'Buy Steem' with your SBD. Then you can click you Steem in your wallet and power up from there.
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Welcome to Steemit! I'm new here too and I'm not exactly sure what your post is about but it seems quite important, I plan to reread it as I gain more knowledge of how this all works. Thanks again!
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