The price of the SBD (Steem Blockchain Dollar) has returned to its intended value of $1.00 USD recently. A good thing, IMHO. One of the reasons is that the SBD supply has decreased sharply in recent weeks. Millions of SBD have been converted to STEEM since SBD's price dropped to almost $0.50 in december last year. There is currently only 9.18 million SBD left.
The charts below show the daily and weekly SBD conversions. Even though the price is back at $1.00 there is still 40k-50k SBD being converted on a daily basis.
From now on, I will add the SBD conversions to my 'Daily Steem Stats Report'.
Daily Amount of SBD converted to Steem
| Date | Amount in SBD |
|---|---|
| 2019-03-10 | 51,418 SBD |
| 2019-03-09 | 43,292 SBD |
| 2019-03-08 | 41,079 SBD |
| 2019-03-07 | 50,661 SBD |
| 2019-03-06 | 57,733 SBD |
| 2019-03-05 | 33,132 SBD |
| 2019-03-04 | 36,967 SBD |
| 2019-03-03 | 36,554 SBD |
Weekly Amount of SBD converted to Steem
| Date | Amount in SBD |
|---|---|
| 2019-09 | 314,282 SBD |
| 2019-08 | 336,434 SBD |
| 2019-07 | 280,693 SBD |
| 2019-06 | 318,869 SBD |
| 2019-05 | 177,338 SBD |
| 2019-04 | 146,781 SBD |
| 2019-03 | 379,939 SBD |
| 2019-02 | 479,525 SBD |
I notice that even the steem supply is going down, anyone care to explain why?
The actual STEEM supply is not going down, but the virtual supply is going down when Steem's price rises.
Virtual supply = current supply + (SBD supply / price of STEEM)
what is the difference between Virtual supply and STEEM supply?
Posted using Partiko iOS
SBD suck and need to be removed because history has proved is not reliable!
Posted using Partiko Android
SBD is the best indicator if the market is oversold or overbought.
Explain in more detail your thinking about this statement, I am curious to understand it.
@penguinpablo, thank you for the statistics. I used the statistics from your last report in my today's market overview video-analysis.
Posted using Partiko Android
That’s a very good inclusion! You’re doing a very good job here dear @penguinpablo
We’re all optimistic that Sbd and steem will remain positive upward.
Posted using Partiko iOS
Hello @penguinpablo
🖕Thanks for that explanation because I’ve wondering and bothered about that.
Posted using Partiko iOS
The fact that this is happening and the price of Steem is holding up despite the added supply is encouraging as it demonstrates that the supply is being meant with demand. Unfortunately, still waiting for it to be powered up for some more confident metrics!
Posted using Partiko iOS
Awesome. I assume this is when the conversion transaction is started, not when it's fulfilled, correct?
No, it is the actual fulfilled conversions. After 3.5 days.