I'm wondering why the 'Convert to STEEM' function takes a week to complete and what exactly the difference is between using it as opposed to the exchange?
Why does 'Convert to STEEM' take a week?
8 years ago by stino-san (64)
$1.42
- Past Payouts $1.42
- - Author $1.19
- - Curators $0.23
30 votes
- + wang: $1.265 (100%)
- + stino-san: $0.065 (100%)
- + vato: $0.046 (100%)
- + schnitzler: $0.009 (100%)
- + paradigm-lives: $0.007 (100%)
- + robrigo: $0.006 (100%)
- + jonnyrevolution: $0.004 (100%)
- + justtryme90: $0.003 (100%)
- + clement: $0.003 (100%)
- + discombobulated: $0.002 (100%)
- + uaufund: $0.002 (100%)
- + spaninv: $0.001 (100%)
- + colli: $0.001 (100%)
- + algo-rythm: $0.000 (100%)
- + kepo777: $0.000 (100%)
- + dmitry: $0.000 (100%)
- + stiletto: $0.000 (100%)
- + seymour: $0.000 (100%)
- + cryptodev: $0.000 (100%)
- + orly: $0.000 (100%)
- … and 10 more
This is done to prevent rapid swings in the price of STEEM. Doing this also gives you the most steem for your money as you get the best value over the course of the 7 day waiting period.
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I think it has to do with the blockchain creating and distributing it to everyone on the network. Kind of how it takes bitcoin 10 to create now 12.5 bitcoins. so instead of 1 or group of people getting the reward EVERYBODY gets the reward. Instead of every ten minutes to covert to steem it is 7 days. So it will take some time.
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Yeah! Why does it take a week?
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I noticed that as I converted last week.
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From what I understand, it's a guaranteed settlement mechanism if you want to always ensure $1 parity for your SD.
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Hello,
Does anybody know if Steem has a help or customer service?
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They do not, but you can talk to the devs directly in their slack channel http://steem.herokuapp.com/
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Thank you! very fishy that they don't have some sort of customer service or help tab. I'm just going to invest on the platform what I'm willing to loos as. As I already lost $100 from submitting a payment and never received it into my steem power. thanks for the info!
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It's not fishy, this isn't a company. This is a decentralized solution. You're not going to find a help service.
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It has something to do with not being able to game the system, by taking advantage of the price move. I don't understand it, but it's in the Steem section of the whitepaper.
CG
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