Whoa! What is happening to the price of SBD?
A few days ago I logged on to Busy.org to put up a post and I was surprised to see the value of SBD above $2. I honestly did not know that it could even go that far up.
That line under Steem Dollars has always convinced me that the value of SBD is equivalent to the value of 1USD or thereabouts.
Right now, I am shocked. The value of SBD has skyrocketed over the course of the week and is currently at $12 plus.
What could have caused this? Could it have been about the recent hack of the Tether wallet and loss of over 30 million USDT?
Cryptocoinsnews.com: Tether Claims $31 Million Theft of USD Token by Hacker
The current price increase in SBD seems to be coming from exchanges and not from the Steemit marketplace. The ratio of Steem on Bittrex alone compared to the amount of SBD is astoundingly high. Steem is close to 10 times the amount of SBD.
The law of demand and supply then applies. The high demand for SBD is pushing the prices higher and higher.
Steem Backed Dollars are definitely more reliable that Tether and that would probably be the reason why the demand has increased on the back of the Tether hack.
This great video from @JerryBanfield had me thinking about it deeply.
I am currently holding all my cryptocurrency value in Steem or SBD.
The thing is the value of SBD is still rising. What effect does that have on the Steem blockchain? Will the value of SBD come down eventually?
I cannot answer this questions definitively. I can only guess and speculate what will happen in the near future,
What I am sure of though, is that the value of Steem will also continue to rise. Right now the value of SBD is almost 5 times the value of Steem!
What this means is that with just one SBD you can buy 5 Steem easily. If you want to grow your Steem Power this is the time to take advantage.
For example, if you have 1000SBD multiply this by 5 and you will get 5000 Steem. Use that Steem to power up and grow your voting power.
Right now it is so tempting to withdraw all of our earnings and I must admit that is what I want to do right now. I have a little over 80 SBD held in my Bittrex account and I really, really, really want to withdraw it and have it in my bank account as soon as possible.
Is this the lucky break I have been hoping for?
It is. Definitely, it is. I wish it had come sooner when I had over 400 SBD in my account on Bittrex. 80 SBD multiplied by $12 is about $960.
$960 is a lot of money for someone who just graduated from campus a few months ago. $960 can pay my rent easily over the next 6 months. $960 can allow me to invest more in my affiliate marketing website and help grow another revenue stream for me.
$960 can also boost my voting power significantly. It can allow me to invest in my future on Steem blockchain and maybe when the price of Steem goes to the moon I will be saying, "Well, I am glad I put that money into Steem!"
It is my lucky break -- It is OUR lucky break, but I/we have to be smart about it as well. I will be taking out some of the money to pay my bills and the rest will be used to power up my Steemit account.
I urge everybody else to do the same. Buy Steem and Power up. Go five steps closer to becoming a dolphin and maybe a whale on Steemit. The opportunity is right there.
Think about the long-term goals on Steemit.