If you look on coinmarketcap, SBD is presently $0.83 USD.
If you know anything about SBD then you know that you can convert 1 SBD to 1 USD worth of Steem.
Therefore logically one should use all their steem to buy SBD, and convert it right?
I mean come on! There's nearly 20% waiting for you each with each trade! This is a no brainer!
Afterall it's exactly what all the cool kids are doing, isn't it?
A lot of people forget that the definition of a no brainer is that you aren't actually using your brain.
And if like us here at benitrade, you jumped on this bandwagon only to wonder where the heck your funds went, you aren't alone.
But what about that 20%? Well sorry to tell you this but it isn't real.
So here's the truth.
If you look at the actual market data right now you will see that SBD is only being tracked on 8 markets. Of those markets, only one currently has a functioning wallet. You know a wallet where you can actually get at your SBD?
That market is bittrex. What about the others?
Well hitbtc hasn't had a functioning steem wallet in weeks which is why its presently trading for $0.52.
OpenLedger has literally no depth and almost no volume
GoPax is priced in Korean Won (I think), and it's just a nightmare to use. But considering the price of $0.84 I'm going to call it a maybe IF you can figure out how to register, get money there, make a trade and pull it back out. (Let me know if anyone has actually figured that out).
As for UpBit, they were hacked in November and even coinmarketcap is warning about not being able to get funds out.
So that leaves Bittrex and the internal steem market. Bittrex is $0.94 but you need to use BTC in order to buy it.
While the internal market reports 5.672 Steem are required to purchase 1 SBD. Assuming the Steem price is $0.17 USD, that means you are spending $0.96 USD.
So that IS 4%. But with a 3.5 day conversion period, the risk of loss is fairly high and not worth it. Frankly, SBD is close enough to its peg now that you can just think of it as a dollar's worth of steem and while the internal market has 1 SBD priced at 5.466 STEEM meaning the best offer for your SBD is $0.92 worth of steem. It actually makes more sense to just sell your SBD into the internal market, get some steem and power it up. You'll take a discount of up to 8% of the top, but spread that over the course of 3.5 days and that's only 2.28% that steem needs to beat each day in order for you to realize growth.
FYI at the time of this writing steem has gained 6.10% in the last 24 hrs vs USD and has even gained 1.88% vs BTC.
So what this really means is that while Steem is on the rise, simply holding steem and powering it up is enough to make it grow! That and creating great content like this fella! make sure to drop him an upvote.
Until next time, keep steemin!