So this morning I woke up and checked my Steemit wallet to see if my request to convert 60 Steem Dollars to Steem finally went through and guess what?
I was right away disappointed to see that it did, because the 60 Steemdollars I was able to collect after 2 months of writing almost every day converted to frickin 37.641 Steem.
Just look at the screenshot I took to see the conversion:
Do you know what is the price of Steem Dollars today? It's something between 7 and 14 US Dollars depending on the exchange you are using.
And even 4 days ago it was about 3 US Dollars. With a Steem price fluctuating between 1.50 and 2 US Dollars my 60 Steem Dollars should have been converted to at least something around 100 US Dollars or even way more.
I'm not sure which price Steemit.inc is taking as a basis for that convention which is supposed to take 3.5 days. I would have thought they are averaging it out.
But in this case it seems they are not using the market price, instead it seems they are holding to the peg of 1SBD =1US$!
That's ridiculous and not what the market has determined to be the recent price for Steem Dollars!
If I had used Blocktrades to send my SBD somewhere else or transferred it to another Coin Exchange I would have gotten a way better deal.
Bittrex exchanges SBD now for 14 US Dollars. Do you hear, 14 US Dollars!!!
I got 1 !!!!
Even if I had powered up my post rewards 100% automatically I would have gotten more Steem at that time because Steem was below 1 US Dollar.
So everybody please be aware and don't use the Steemit wallet to change your hard-earned Steem Dollars to Steem!!
If you want to get a fair deal at the moment, use Blocktrades to exchange and send or transfer your SBD directly to another coin exchange.
I don't know what happened here but I'm right away disappointed. Can somebody explain about it or has similar experiences?
I was pretty much enjoying my time here on Steemit but my first emotions this morning were switching between being angry and puzzled about that mistery.
After calming down I thought I need to tell everyone how to avoid a bad deal and make the best out of your valuable Steem Dollars.
I hope this post reaches you in time and prevents you from having the same experience.
However, have a great day or a good night everybody. Thank you always for your great support!!
Steem on !
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