I think its time most minnows and other dolphins who know little about when to buy steem and sell steem dollars to know about it.. Steem backed dollars are normally pegged at the 1$ margin so any value greater than 1 dollar means when you sell your steem dollars it will be profitable. You get more steem by selling it. Today something strange that I have never seen on steemit markets before happened.
I was like;
This is probably because I haven't been around for quite a long time. Steem backed dollars reached 2.4$ in the internal markets but I didn't realise it earlier on. I would have punched more steem with my steem dollars. Why would I do that when it's the appreciating? Most people will ask. No matter how high steem backed dollars appreciate, it will certainly correct itself as more sellouts will take place for steem. Steem is the currency that can sustain such an appreciation in market value so why not buy Steem and keep for the long term. I lost this wonderful opportunity but I will make use of it as at now because it hasn't yet depreciated to the 1$ peg.
Hope most of you were able to read the market and will make profits from it. Thanks for your audience. This is just my thoughts am spreading out. No professional analysis has been made. If you have different opinions, just feel free to comment.
Upvote, follow and resteemto help more Africans to be able to access steemit on the go.