Steem Backed Dollar, or SBD, is a US dollar pegged currency, aimed at stabilizing the internal market. According to the Steem white paper, its value is "1 dollar worth of STEEM".
So, if STEEM is trading at $0.5, an SBD will be 2 STEEM (because 1 SBD should equal 1USD).
Lately, the peg was broken. For some reason, SBD was trading (and is still trading) way above $1. According to the screenshot below, which was taken on June 2nd, 1SBD = $1.6.
That creates a very interesting effect. To make a long story short, you can sell your SBD to buy cheaper STEEM.
How do you do that?
Well, here's how I do it. First, whenever I get some rewards in SBD, I immediately go to the internal market, where I can buy or sell SBD/STEEM (I don't use the Convert to Steem feature).
Once there, I simply buy STEEM. Now here's where it gets interesting: one STEEM bought in the internal market is 0.65 SBD.
If you do the math, you'll see that the end price in USD is still $1.04, which is the current trading price of STEEM, BUT, there is a BUT... You get your SBD rewards as if they're pegged to the dollar. In other words, you get 50% SBD, 50% Steem Power.
So, by selling your supposedly-pegged-to-the-dollar-SBD for STEEM you actually get STEEM at a 30% premium.
For as long as the peg will be broken, there is a good opportunity to get some cheap STEEM.
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