I want to start buying and selling my wholesale goods using Steem and trying to figure out what it's value is in relation to 1 USD December and January. I thought I had read somewhere that it is 1:1 but that doesn't seem to be the case. I found this link but if Steem drops to one penny then it would be tough to use for merchant transactions, maybe I'm just to new to the whole Steem thing, I guess I have to read the basics with more clarity.
If you were a wholesale merchant and you wanted to sell or buy using Steem you would probably want to make sure this is clearly understood same as me. Thanks to everyone in the Global Community for your patience with me and my question(s). Aloha, Rich
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It is interesting that you ask this question is a proof cryptocurrency is starting to enter the mainstream and people ask questions. At the moment one of the big trends in cryptocurrencies are stablecoins that are pegged to a stable asset like the US dollar or gold as an example.
The steem dollar was supposed to have this purpose in mind and worth always the 1$ US dollar. You need to know that SBD is not pegged to the real asset and make confuse a lot of newcomers on this platform. At the moment SBD is less than the US dollar because of the long crypto bear market and the price of Bitcoin!
You can start your research on the Tether cryptocurrency that was the first stablecoin pegged to the US dollar.
Let me knows if you need more clarification and have an awesome day. :)
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Thanks so much. I watching your channel and I appreciate your help. Aloha, Rich
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To my understanding, I think SBD would not be a stable way to transfer your money. I know it is very instant but the problem being it's value.
The current bear market proved to be disastrous for SBD. It's value is far below 1 US dollar now.
You can search about stable currencies and help your business grow.
If I put myself on your position. I would tell party B to transfer funds using XRP or Nano to my address and I would immediately convert those crypto assets into stable coins like Tether or Paxos... Ofcourse, withdraw it later since the value of stable coins is very constant against dollars.
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Hi @hash-tag I agree but I know in my heart as DTube grows this issue (the transfer of a payment) will morph into mainstream use. So it's great to see o many replies coming in from the Global community. Aloha, Rich
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Like you said today is today 😅 so personally because crypto is so volatile with its movements I would suggest a instantaneous calculation for a fair evaluation of Steem or SBD. The #OneLoveDTube community is making a wordpress plugin so anyone can accept Steem as payment primarily so we may do so through our webpage for our IPFS hosting service but to my understanding there is no general rule of thumb for fair evaluate and must be done at current market evaluation.
SBD is meant to be pegged at one USD but with the long bear market we are seeing the trading pressure breaking that peg which I believe will be a long term issue as since I have been here it’s always been way above or way below what it’s intended peg should be thus my conclusion for using current market evaluations.
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Thanks for your reply and help. Actually I agree the instant/current pricing seems the safest, but as more Global merchants join DTube they will see and want to do the same thing. I know the solution(s) will evolve, I appreciate the time you took. Aloha, Rich
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Hi Rich! Such a question man... Well, one thing is how the Sbd was designed and how it's really working, two different things at all. There is a whole world about Sbd is not so simple as say that is pegged to 1 USD. There are many factors changing that, many! - Even if Sbd is regulated by quantity to keep the price it's not working fine till now cause you can see the price. So at the end is as volatile than other crypto. A shout to some Steem Witnesses is what you should do to have the right answer!
According to your question well... If I were in your position I will use Tether for example to maintain the same exactly price, and after that could buy Steem for example ;)
As you said, you will have to look for info about that, but get in touch over Steem.chat and you will find interesting people with the right answers!
Good luck with your India Goods!
Cheers!
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Thanks for the answers, suggestions and support. If you get a chance in my newer videos you will see a wider range of products I will use both buying and selling in the spirit of helping sellers in remote areas. Aloha, Rich
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It is not bad idea but I will not prefer fully used crypto in business. You can use crypto payment getaway little part of money otherwise it's so risky if you use only crypto .
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Good to see businesses considering real world use cases for crypto currencies such as steem and sbd.
As others have noted, sbd lost its peg to the $ a short while ago (you can check its value at any time on coinmarketcap.com). I don't profess to know nor understand all of the intricacies of why it's failed to hold, but it is not working as intended right now (the crypto downturn is throwing up some unexpected issues!).
Keep posting these videos. As an advisor to businesses in the UK, it's interesting to hear the views of businesses from outside and especially interesting to hear more forward thinking strategies for overcoming the fx swings.
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Thank you for watching this video. Actually I will be posting quite a bit about the U.K. I appreciate that you have taken the time to reply and your suggestions. Aloha, Rich
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Welcome to dtube, Really fantastic video sharing. @sharkenvy
Really dtube is the best platform in steemit.
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Thank you for watching my video. Brother, I just watch your latest video about your breakup and I also watched your introduction video. I want you to please think about these things I want to share with you from the heart. First all of us make mistakes, all of us are faced with difficult situations. I hope when you get sad about the situation you talk about in your video, you will stop, and just give thanks to God for what you do have, and that things will always work out, maybe not right away but we learn from these situations. Try real hard to be careful who you spend time with, make sure they are working on improving and working for the Long Term. Peace and Blessing to you. Rich
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Thanks for asking a valuable questions Rich!
Watched the whole video and I'll try my best to give my answer.
“Don’t confuse the valuation of a SBD with the value of a SBD.”
One SBD is still one SBD all these other fiats are volatile and going down....
Regarding your particular situation, I would advise you to buy and sell using SBD and fiat and other crypto to diversify your risks.
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Hello Brother ! Yes diversifying seems logical and I need to also think what will be the most helpful easiest way for this to be used especially in buying from DTube Global Community members and future members especially in regions where I think water transmission equipment and water filtration is needed. I working with my contacts and am working on migrating to other basic need items as well. If I only think about clothing I am being selfish, I turning my ship towards what will be more important things needed for daily life is especially in very low income regions. I do not mean to try and sell to them I mean maybe I can influence other distributors in those regions to create small dealers thereby thinking in building, not donations, not sure but working on stuff please watch my other videos when you have time Much Aloha (I know your do many things behind the scenes) Big Mahalo Rich
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Congratulations @sharkenvy!
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