[PSA] Do NOT Use Convert To Steem Option On SteemIt

Several users have already posted about this topic, but it is so important that I am going to do it again.

The "Convert to STEEM" option is an advanced feature for users that are aware of the mechanics of the Steem financial model. To summarize what is happening, when you convert SBD to Steem, it does so at a 1 to 1 ratio. Eg, 10 SBD becomes 10 STEEM.

This can be used by skilled traders to gain when the value of SBD is value below that of STEEM. However, our market is completely flipped on its head, with SBD being valued at nearly 6-7x that of STEEM! At its peak recently, the difference was more than 10x!

That means you can sell 10 SBD on the internal market or another exchange for 60-70 STEEM. Were you to use the "Convert to STEEM" option, you would lose out on 50-60 STEEM, or about $82-102! THAT'S CRAZY!

Remember, be smart about the actions you take regarding cryptocurrency and make sure you are not cheating yourself out of some free money.

Other related posts:

• https://steemit.com/sbd/@timcliff/condenser-pull-request-submitted-added-warning-to-sbd-steem-conversion-page
• https://steemit.com/sbd/@minnowsupport/warning-do-not-use-convert-to-steem-option-for-your-sbd-s

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