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

avatar
(Edited)

Hi Everyone,

I have 1000 STEEM that I am saving for the upcoming #SPUD, but I just realised I can do something else within the 3 days leading up to #SPUD, I can convert it to SBD and put in a convert request to help reduce the debt ratio (by a little bit), most of the time I don't have this amount of money liquid on me, so it's an awesome way to keep it safe (like savings) whilst doing something good. No-one can cancel the request, and so that SBD is safe from anybody touching it, and once it finishes, it'll only be a few hours before SPUD. This makes me feel safer about holding such an amount of STEEM.

The fact that if you do it today, it will be ready for SPUD as STEEM is why I am calling this #SPUD compatible.

Lets Fix that Peg, Gamers!
image.png

Many people believe that a $1 SBD brings a positive sentiment for STEEM and makes STEEM a lot more attractive, and certainly a $0.60 "Dollar" isn't that great. We can each do our own little thing. If you want, join in using the tag #SDCD (Steem Dollar Conversion Day) today, and I might drive by and curate some of you.

How to buy SBD, and then use the CONVERT function:

Note: Converting May Not be Efficient, and you may lose money by converting. See this comment for the approximate maths of the operation, but I won't truly be able to say until 3 days have passed

1. To Buy SBD, send STEEM to @bank.sbd with the memo swap (or use the market)

Bank.SBD is managed by @cardboard and has a free to use swap function that can convert between STEEM and SBD, this is the easiest way, as using the market can be a little complex, and there is no fee to use this service.

2. Go to SteemPeak Wallet, and Click Convert To STEEM

3. Enter amount and submit

Enter amount to convert and submit. This will take 3 days to process, and you won't see the STEEM nor SBD in either wallet (on SteemPeak you can view the Process)

Monitor the Process:

Thanks,
~ Le Dollar Pegger (@cadawg)

sdcd oc newsteem steem steemleo palnet neoxian marlians bilpcoin lifestyle dblog creativecoin
0
0
0.000
52 comments
avatar

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvoting this reply.

0
0
0.000
Reply
avatar

A bonus $trendotoken tip from ONECENT!
Also consider MAPR fund and MAXUV vote bonds too.
MAP Steem FinTech: growing your STEEM without SP.

0
0
0.000
Reply
avatar

Also if you don't have SBD - just send any amount of STEEM to @bank.sbd with memo: swap
The bot will make a trade on internal market and send you bought SBD :) there is no fee or commission for the operation.
@tipu curate

0
0
0.000
Reply
avatar

Literally just added this. Came back to look at notifcations and one sneaki boi snuck in.

Thanks BoardCard

0
0
0.000
Reply
avatar

OK, talk me through this? I saw this and did a little digging.... (no spud pun intende)

I've currently got 700 liquid steem sat in my account. How can I help?

0
0
0.000
Reply
avatar
(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:

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

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

Thanks
~ @cadawg

0
0
0.000
Reply
avatar

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)??

0
0
0.000
Reply
avatar
(Edited)

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

image.png

1 SBD = 5 STEEM

image.png

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

0
0
0.000
Reply
avatar
(Edited)

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

0
0
0.000
Reply
avatar
(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

0
0
0.000
Reply
avatar

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

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

0
0
0.000
Reply
avatar

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

0
0
0.000
Reply
avatar

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.

0
0
0.000
Reply
avatar

Thanks for this info @cadawg I was wondering about how to convert. I could have sworn there used to be a function on the Steem Wallet for this but I couldn’t find it. If I get a chance I will try to convert some SBD as well and big thank you for your support of #spud and #spud8 Thanks again and take care!

Posted using Partiko iOS

0
0
0.000
Reply
avatar

The sbd convert function was removed from steemit wallet durning the great SBD pump :D

0
0
0.000
Reply
avatar

!giphy pump

0
0
0.000
Reply
avatar

hi @untersatz :) how do you request gifs from 2 or more words?:)

0
0
0.000
Reply
avatar

Heeeeyy! Just keep the one string but separate words with ‘+’. You can do this too !giphy-sticker potato

0
0
0.000
Reply
avatar

I considered waiting for #SPUD, but then I thought why wait if I have STEEM now. Why not power up now?

0
0
0.000
Reply
avatar

SO what's the point of the exercise again?

0
0
0.000
Reply
avatar

To repair the SBD peg by bringing the debt ratio from > 17% to 9.9% (a la @sbdpotato)

0
0
0.000
Reply
avatar

Hi, @cadawg!

You just got a 0.55% upvote from SteemPlus!
To get higher upvotes, earn more SteemPlus Points (SPP). On your Steemit wallet, check your SPP balance and click on "How to earn SPP?" to find out all the ways to earn.
If you're not using SteemPlus yet, please check our last posts in here to see the many ways in which SteemPlus can improve your Steem experience on Steemit and Busy.

0
0
0.000
Reply
avatar

This a good idea, but you need a better name for it. Maybe SCONE (Steem CONversion Event) or something that can be easier to market / remember with a mascot / image. Maybe SCONE could be a regular event that happens 4 days before SPUD each month.

I'm taking part in SPUD this time and set off my first conversion in a while especially for it so I was unwittingly already doing this.

0
0
0.000
Reply
avatar

Dear @cadawg

Interesting realization. I never thought about it.

Thx for sharing buddy,
And have a greet weekend ahead :)
Piotr

0
0
0.000
Reply
avatar

I'm gonna most probably try it! ;)

0
0
0.000
Reply
avatar

Yay!

0
0
0.000
Reply
avatar
(Edited)

I rarely have liquid tokens... since the beginning of crypto ~ always exchange...
Kinda my belief is FIAT must pour in....
but in STEEM we create true value :)
OUR HUMAN ATTENTION ;)
^^^^^^^^^^^^^^^^^
(that's what changed my behavior to stake) :P

0
0
0.000
Reply