Convert SBD to STEEM option removed from Wallet!

in #steemit5 years ago (edited)

Good news! The convert SBD to STEEM option has been removed from the wallet section of your Steemit account to protect you from making costly mistakes!

With the increased price of Steem Backed Dollars, the internal mechanism allowing you to convert them directly into STEEM is completely non-profitable. Users who convert SBD to STEEM when the price is this high do not get a fair amount of STEEM for the process.

In order to prevent people from making this mistake, the option has been altogether removed from the wallet interface. If you would like to change your SBD into STEEM, please only do so using the internal market or an external exchange.

The 'Market' option under your SBD balance will now open up the internal decentralized exchange, and the 'Buy' and 'Sell' options will now open up

My friend @chey lost about $30 yesterday because he didn't understand the convert function. He learned a costly lesson and now thankfully nobody else has to suffer the same fate with it's removal.


Damn...this is going to crash the price of SBD and I was expecting a payout of like 4 SBD in a day or two. Now I be eating out of the dumpsters again. Terrible!

How is this going to crash the price of SBD?

It's not, hes just being himself lol

I thought that the reason SBD was so expensive lately was because people were using the "convert" function, rather than "sell." Now that they can't convert anymore, more selling pressure = falling price.

Anyways, it was supposed to be a joke. I hope you laughed.

Well selling SBD = buying STEEM, so that is hopefully good too :)

Also, kind sir, I like you a lot please follow and resteem me. I will resteem you back.

Damon Hudac

No. You can see why here.

Tim, it was another joke. I guess my humor doesn't translate to text well.

Regardless, I watched the video and learned some things. Do you have anything posted about the vote-buying bots, or "pay for votes" services? I'm still new to Steem (only been lurking for 6 weeks or so, and posting for the past week), but it seems the "pay for votes" schemes are corrupting the point of voting, which is to promote good content. So I'm curious if you've said anything about that, or can recommend something from someone whose opinion you respect.

Anyways, I'm upvoting your comment cuz it points to a cool video. No need to upvote or follow me back. :innocent:

I can’t always tell the difference between sarcastic humor and someone who actually thinks these things. I’m sure if I knew you better, I would been able to tell where you were coming from :)

Vote buying is allowed and I am not really against it.. If stakeholders want to use their stake that way, it is their right as a stakeholder.

In terms of the actual percentage of rewards that go to these types of things (also including abusive self voting, and other various forms of schemes) it is still a relatively small portion of the rewards pool. There will always be those who want to exploit the system. As long as a majority of users and stakeholders stay focused on the mission of rewarding good content, I think we will be fine.

Screen Shot 2017-12-13 at 10.39.17 AM.png

And you are welcome...LOL

Yes It was a lesson learned. I was a bit upset about it. But now I am aware. Always do your research! lol

This is a much needed front-end change!

I'd like to add to this, that last week I learned yet another costly mistake myself, when I first traded SBDs for Steem via Blocktrades (still a n00b here, I guess, after about 6 weeks!). I got about 1.5 Steem per SBD, selling the majority of my then-owned SBDs, only afterwards noticing the "internal market". (Did a few profitable trades afterwards, but alas, only small potatoes.)

Potatoes, Potaahtoes: my account value now is already slightly over a whopping 1k USD, so I'm improving!

Life Long Learning...

Happens to all of us! Gotta shop around for the best rates sometimes!

looking for an answer for some time. thank you.

Before I know that SBD price has increased, I also converted my sbd to steem. Fortunately, I discovered it earlier so the amount I have lost was just very little...i'm still thankful^^

Potential topic. Thanks for good news.

Thank you for giving a mixed kinda news, neither good nor bad :')

Hmmm correct me if I am wrong : If sbd would be less than usd 1 we would be able to convert it to steemit that is worth usd 1? So it was kind of safe feature. So what will happen after the got rid of that button?

Yes I imagine if the SBD price goes back around where it should be, they will add the feature back. ( Note: the mechanism wasn't removed from the blockchain, only the steemit website. )

Yea I understand that it is just a visual change, but you know how people are - they don't see it and they think it is gone :) and wrong thinking can actually influence a course of SBD.

Yes it would be really stupid to change SBD to STEEM with the convert option, I used market place to buy some STEEM for power up and on my surprise I got many STEEM for my SBD :), hope it lasts, and yes good thing to protect people by removing that feature.

@adept that is good for now. I hope it will function back in the future

Already beat you to it. But it's fine, more news to your followers :)

Thanks for the information sir.

Thanks for the information sir.

it's really helpful and learn some new from your post. Have a nice day...

Very great and helpful and learn some new from your post. Have a nice day....

I wish it was only $30 that it cost me! but live an learn, and help the improvement of the system by being a warning to others, that looks like the amount of warnings have led to actual change which is good.

Many people used that option earlier and they were OH NOOOOOOO

your friend lost a huge amount so sad this is

Thanks for the Info Adept.

The best way to learn is not from experience but from the experience of others.