RE: SDCD (Steem Dollar Conversion Day) #1 - SPUD Compatible

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RE: SDCD (Steem Dollar Conversion Day) #1 - SPUD Compatible

cadawg in #sdcd • 6 years ago (edited)

I added a guide to this post:
https://steempeak.com/sdcd/@cadawg/sdcd-steem-dollar-conversion-day-1-spud-compatible#how-to-buy-sbd-and-then-use-the-convert-function

It boils down to:

Send STEEM to @bank.sbd with the memo swap (No Fee)
Go to SteemPeak (login) -> Your Wallet and wait for the SBD to arrive
In SBD, next to the send button, there is a dropdown, click convert to STEEM
Enter The Number of SBD to convert in the field
Enter and confirm with SteemConnect or Keychain
Wait 3 Days
Repeat if you're feeling nice!

(I'm online on discord if you need help)

Thanks
~ @cadawg

6 years ago in #sdcd by cadawg

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welshstacker 6 years ago

I get that the SBD will be burnt when converted back, but what it basically boils down to for me is, if I convert 700 steem to SBD and back, will I end up with 700 steem (if all conversion rates stay the same)??

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ethereumalist 6 years ago

No, you will lose out because there is a "hair cut" fee. This was designed to prevent people earning SBD at STEEM's ATH from creating way more STEEM during the down seasons.

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cadawg 6 years ago (edited)

It really depends at the moment, I think it will probably cost you a little bit:

1 SBD = 5 STEEM

So yeah, It'll cost about 0.264 STEEM per 1 SBD you buy and convert, which is quite costly so I'll understand if you don't want to do it. I think I'm losing 50 STEEM on my conversion, but because they've taken off decimals it may be a little better than that. (5.019 I have just calculated from an actual convert)

yeah so it's a loss, probably should put it in the post

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cardboard 6 years ago (edited)

.264 per 5 STEEM -> .052 per STEEM
or
.264 STEEM per SBD
right?

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cadawg 6 years ago (edited)

No.

Converting 1 SBD gives you ~ 5 STEEM
Buying 1 SBD from the market costs 5.264

So you'll lose ~ 0.264 STEEM per 1 SBD you buy and convert

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cardboard 6 years ago

That's what I mean, I see you've edited the

It'll cost about 0.264 STEEM per 1 STEEM
;)

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cadawg 6 years ago

LOL Yeah! Wasn't thinking quite straight. Thanks for telling me!

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