I wanted to give a piece of advice to steemians who want to cash out their earnings from posts rewards: play the waiting game, don’t rush on a sale that could lose you up to 50%.
The stats show that the spread is getting smaller and I am pretty confident that this trend will continue until it stabilizes to a 5% range.
On the 4th of July steem was selling up to $0.50 on steemit´s internal market; however you could only get up to $0.25 at best on bittrex and openledger. That is a 50% loss on your hard worked rewards, which means your SD were only worth $0.50 instead of $1.
Today, we have seen the internal market drop to up to $ 0.27 and bittrex is down only to $0.23, that is a much better 15% spread.
So if this trend continues we should see tighter spreads on the coming days, there are traders who are doing arbitrage: buying on bittrex and OL and selling on steemit, this is leveling the markets in a very healthy way.
If you are a trader I encourage you to take this opportunity to arbitrage the markets, it’s the easiest money you will make in years, for proof you can check out my account: I made 500 SD just by trading a couple of hours yesterday, buy cheap sell high right?
Conclusion
Hold those Steem Dollars and wait until the spread is as tight as possible, that way you can cash out and only lose a few points converting your precious SD.
Very good Chitty, there are a lot of people here, including myself, who do not know what they're doing with trading, so articles like these are really valuable :-)
Cheers
CG
Hello, great post 1st off. I was hoping you can enlighten me, i earned some votes and it shows i earned 70 bucks or so the question i have is how do i get steem dollars with my earnings, my balance still shows $2.34 ? Do i have to wait til next payment run to see funds or...? Any answers or another post would be great take care!
Hello @arcaneinfo, you have to wait until people stop voting on your post, usually 24 hours. After that you can proceed to convert it to steem and then sell it for bitcoin.
I admit, I jumped the gun. I guess I can justify it by claiming it's "free money" but I did in fact give up a bit of money I could have now if I had been a bit more patient. Live and learn, right?
I saw it at .71 at one point.
Even worse!
WILLY WONKA IS MY IDOL.
he is the ultimate meme master!
Just hodl.