Okay so here's one thing i'm not entirely sure about : during the conversion do they take the median price history for the last few days into consideration or do they take the median price after the conversion is initiated till the conversion is completed, i.e. the median price for the 3.5 days after requesting the conversion.
From what their message said, I think it’s the latter. And if it is the latter, checking the median price prior to initiating conversion won't be too helpful as the median price for the coming 3.5 days might be very different to the current median price. Am I correct or did I miss something?
But yes, it’s a good way to get an idea of where the market stood for the past few days or hours.
It is the latter. The median price moves a bit but it isn't that volatile you can put reasonable estimates on it. In the last two days it has moved by about +- 0.002
Anyway if I can now get a better or same price on the market than the current median price why would I want to gamble?
If you can get a better price on the market instantly then definitely I would go for that. But I have checked this for a while now, since we were on the steem blockchain and always I got a better rate by converting than either the internal market or on exchanges.
On the internal market people are always selling at 3-4 cents higher. And on exchanges they take exact value of HBD. But the conversion feature takes hbd as $1 even if HBD is actually 60-70-80-90 cents on the market. The only situation un which exchanges might give a better rate is,if the HBD price is significantly above $1. This is just from what I've observed over the,past couple of months.
See the dips in my earlier graph. Manually this is hard but you can automise it with a bit of beem :o)