UPFRONT WARNING: I could be totally confused about this ;-)
I have some Steem Dollars in my wallet that I'd like to convert to Steem so that I can power them up.
In light of the upcoming hard-fork on December 6th, and with the uncertainty of the Steem price in and around that timeframe, I'd like some clarification on exactly when the SBD → Steem currency exchange rate is locked in.
If I go to my Wallet, hit the drop-down next to my STEEM DOLLARS balance, and select Convert to STEEM, I get the following pop-up window:
Is the exchange rate set when I enact this transaction via my wallet, or one week later as implied in the pop-up window's description?
As a side note:
- The second sentence in the pop-up window spells the word immediately incorrectly, and should probably read as: These STEEM DOLLARs will immediately become unavailable.
- I'm also not sure that the last sentence in the pop-up window is worded properly: The one week day delay ..."
Here are the two scenarios I can think of:
SCENARIO #1: The exchange rate is set upon my request, but the actual exchange occurs one week later.
SCENARIO #2: My request is queued up and the actual exchange rate is not set until one week after the date of my request.
I'm hoping that Scenario #1 is what actually happens, because then I can decide to convert all of my STEEM DOLLARS when the price is to my liking. For example, as of right now, I see that coinmarketcap shows the price of Steem is $0.163506 USD. Under Scenario #1, it's roughly that exchange rate that I would be getting.
If it's Scenario #2, then it seems like it really leaves it up to chance, since we're about one week away from the hard-fork, with no telling what kind of ensuing price volatility there will be.
I just tried a test whereby I converted $1.00 SBD to Steem and I received no indication of the actual exchange rate, only this window:
