This tutorial was requested by a lot of newbies who don't know what to do when the price of Steem Dollars goes up.
There are two things you can do when there is a Spike in the price of Steem Dollars?
Buy Steem!
In this video I explained what to do when there is a Spike in SBD price and how to buy Steem from the internal market
Assuming that the price of Steem remains the same and the price of Steem Dollars shoots up that means that your Steem Dollars would be able to buy you more Steem.
Before the spike that happened yesterday Steem was valued at approximately $1 and SBD was also valued at approximately $1. That means that 1SBD would buy 1Steem.
Boom! The price of SBD goes up 100% to $2.
This means that your SBD would be able to get you more Steem. In this case 1 SBD would be able to get you 2 Steem.
Steem Dollars is always supposed to be worth $1(330Naira), but if you notice that the price gets spiked up like it did yesterday when it went to $2(660Naira) then it's time to
Sell!
Short!!
Dump!!!
If you do this, you would get more value from your SBD. The spiked up price of Steem Dollars doesn't usually last long because there are mechanisms to ensure that the price stays as close as possible to $1.
Yesterday the price of Steem Dollars was over $2.
Today the price of Steem Dollars is now at $1.48. The price is gradually coming down to the normal. If you have some SBD, you can still sell it for a good price. The price is going to continue the downward slide to $1.
Thank you for reading.
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