SPinvest is done with paying conversion fees - This is gonna save us a ton a money
Hello everybody, today i will be mostly talking about, the fees we pay for converting fiat into STEEM / STEEM in fiat and how we can kill 2 birds with 1 stone going into 2020. This is something i should have thought of a long time ago and as a loophole lover, I'm disappointed this never stood out to me before.
What's this all about?
Currently, we pay huge fees when converting fiat money we collect on Paypal into STEEM for the monthly SPI token groups buy. On the other side of the fence, when we are converting STEEM into fiat money for an off-platform investment, we are getting killed with fees. Maybe you've just had the same light bulb moment i had a few days back.
If not and it's all gibberish to you, let me explain
On 1 hand, we have fiat money we need to convert into STEEM (Monthly SPI token group buy)
On the other hand, we have STEEM we need to convert into fiat money (off-platform investment)
I purpose that we........
Join our 2 hands together and cut out all the fees. We get fiat money and we have STEEM, there is no reason for us to be paying conversion are transfer fees. Middle finger to wirex, binance, BTC transaction and any others fees we pay along the way. We can make it so that if someone sends $20 to Paypal to be part of the monthly group buy, they get $20 worth of SPI tokens, not $19 after fees are paid. We can make it so that when we cash out 1000 STEEM to make an off-platform investment, we get 1000 STEEM's worth of that investment. Oh, it's possible and let tell you......
How?
SPinvest buys all the fiat money that comes into the Paypal account and pays for it with SPI tokens. It's gonna save us and anyone that buys SPI tokens through Paypal a ton of money.
Monthly Group Buy
Many of you are aware that SPinvest runs a monthly fiat to SPI token group buy every month from the 6th to 13th. It's set up so that anyone can send SPinvest their local currency be it dollars, pounds sterling, euros are bananas to a Paypal account. On the 13th, all funds in the Paypal account are converted into SPI tokens and sent out to buyers. That's the jest of it.
Going forward, SPinvest will buy all the fiat money in the Paypal account and transfer it to AJ Bell (our broker) for holding. Spinvest will pay for this with SPI tokens. The fiat balance will be recorded in the weekly holding reports. This results in no fees to buyers of the monthly group buy. Spend $20, get $20 worth of SPI tokens.
Off platform investments
Here's the good part. When we are able to provide no fees to convert fiat into SPI tokens for monthly group buyers, we also don't pay any fees to convert STEEM savings into fiat because it's already done. The accounting part is tricky to explain but I'll have a go.
For example,
We have saved up 1000 STEEM ($120) and want to invest in gold bullion
We withdraw the 1000 STEEM from the saving wallet which takes 3 days to process
I go to AJ Bell and invest $120 into gold bullion, the same day
After 3 days when our 1000 STEEM is released, it's powered up.
I think this makes sense and will work for us. There's no harm in having a small fiat money balance attached to SPinvest. It's the ultimate hedge against STEEM and anything really plus it gives us the option to make quick investments should a limited offer appear, Steem Monster Kickstarter springs to mind as an example. Anyways, I'm pooped and need to go to bed. I had planned to only make this a 20-30 line post but hey, what can i do? My fingers do the work and i need to wait for them stop.
I think I'm done now.
Feedback me please with your thoughts
Below are steemconnect hotlinks that allow investors to buy SPI tokens directly from @spinvest. Each token is currently priced at 1.00 STEEM and beside each link is the true STEEM cost to reduce confusion. You can also send any amount directly to @spinvest and i will issue you SPI tokens to 2 decimal places for the value of STEEM to send. All tokens bought directly will be sent to investors SE wallets within 24 hours but most likely much sooner.
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5 SPI tokens - 5 STEEM
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10 SPI tokens - 10 STEEM
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25 SPI tokens - 25 STEEM
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50 SPI tokens - 50 STEEM
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100 SPI tokens - 100 STEEM
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250 SPI tokens - 250 STEEM
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500 SPI tokens - 500 STEEM
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1000 SPI tokens - 1000 STEEM
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2500 SPI tokens - 2500 STEEM
Important Information
| Information | URL Link |
|---|---|
| SteemPower Investments Introduction Post | Click HERE |
| SteemPower Investments Club Partnership Agreement | Click HERE |
| How to become a club member | Click HERE |
| How to convert SE tokens into SPI tokens | Click HERE |
| Join the SPI club Discord server | Click HERE |
| Join the SPI curation trail | Click HERE |
| What's best for the SPI Club? Centralized vs Decentralized | Click HERE |
| SPI tokens 95% buyback guarantee | Click HERE |
| SPI Club monthly Fiat to SPI token group buy | Click HERE |
All questions are welcome, please ask in the comments below
CLICK here for full details about SPI beneficiaries
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YES MATE!! Makes perfect sense. It cuts out the middle man and makes it more economical to buy SPI tokens direct with fiat.
Damn right!!
Feel a little stupid for next having thought if it before, lmao.
You mean
conversion fees, right?
Yes, thank you and corrected.
Are you trading SPI tokens?
A little bit. It's my tiny contribution for the buy wall at 0.95.
Sorry i mean, trading SPI tokens on the SE exchange. Buying them for 0.956 and selling them 0.995
Yes, makes perfect sense. I meant to say this the other day when you wrote about it. We used to do a similar thing at the bookshop - kept a cash account because depositing cash at the bank meant paying ridiculous fees.
Two thoughts:
Record keeping - I know you are meticulous about this and I guess records of transactions in and out of the Paypal and A J Bell accounts can be scanned or screenshot and loaded into the blockchain as and when necessary?
Interest - is @spinvest losing any interest in this (I don't think so - liquid steem doesn't benefit from inflation, does it)? And anyway, I'm guessing any interest lost is offset by the savings in fees.
Great idea!
Yeah, nobody comments back this on the other day. I was only a small bit of writing i guess so i thought, I'll do a post about it as it's a good thing to share.
Screenshots will be done of course and yep, I'll try to collect as much evidence as i can. I do this more to project my own ass, lol.
I guess we would losing out a little in terms of inflation on SP but it is a small amount, few STEEM a week. Plus being able to convert STEEM into fiat and vice versa will benefit us much more.
Thank you for checking out the post as always :-0
👍😍
I can't argue with that logic. No reason why the amounts brought in from the PalPay accounts cant be held in fiat.
How much does that average a month?
It really goes up and down. Ranges from $20 at it's lowest and $300ish at its highest. I'm hoping that being able to push it as fee-free will help but we'll see.
A great plan that should have been thought of a long time ago. I am shocked that none of us thought of it sooner. I could use the pay pal addy for the group buy when you get a chance. @spinvest
Sweet, thank you for the feedback. I'll be dropping the monthly buying post on Monday with all the info required.
It seems like a great idea, but when the markets start to swing, we are going to want to keep our investment in STEEM, not fiat.
I thinks its great as long as we are playing with small amounts (1000 steem at a time?)
If you put this up for a vote, I am in. I tried sending a paypal payment last time, but I was too late. Sending one again this month.
If the market starts to swing and the price of STEEM goes to 50 cent -$1, we'll not be worried about a few hundred dollars. If the price goes up to 50 cents plus, i would think that we would be cashing out as much as possible. Cash-out during the bull run and buyback double are triple that amount during the bear market. My aim is to build the STEEM value and long term plays like this are in the planbook.
There'll be no vote. It's a no brainer. When we bought are silver bullion, the fees were around 80 STEEM in total. That's not happening again :)
I'll be posting the monthly fiat to SPI token group buy on Monday. I remember getting your payment last month and refunding it.
In the abstract it makes lot of sense. Only time will tell if the incoming fiat through PayPal and the off-steem investments can always be closely coordinated. If so, it is a great solution and adds value to everyone.
I dont think it'll be thousands of dollars but im looking forward to seeing how the books out up balancing. We'll be looking at another off-platform investment soon so i guess we find out soon enough.