What happened with the 'Daily Amount of SBD converted to Steem'?
why the big fall off? Is this what caused the SBD price to increase?
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It's the opposite. There's no point in executing SBD conversions when you can sell your SBD for a far higher price on the market.
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ah, I've been very lazy and just assumed that buying steem on the market and selling that was roughly the same.
hmmm I just checked and steem market values SBD about 3% cheaper that open market. Is that 3% worth the lower liquidity? Or was this gap much higher before?
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It's neither about the internal market nor the external markets. SBD conversion is a smart contract executed on the Steem blockchain, where the network grants you $1 worth of Steem for each 1 SBD. Since SBD price is way higher than that, there is no point in executing the contract and almost everyone have stopped.
Since SBD sells for $4 or higher, executing the contract means you lose 75% of the value (you only get $1).
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Ah I get you, I remember using that contract once and I was like WTF why would anyone use it.
Thanks for clearing that up
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Thanks for exaplanation !
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The fall of was panic selling by Korean members in response to the announcement made by their government that exchanges would be closed down.
Oh btw @fiveboringgames I nominated you take part in the 7 day Black and White Challenge in my last post :)
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