Vlog 332: SBD to STEEM conversion (correction) + Steem Monsters accept outside crypto!
Yesterday I made a mistake in my post and @eonwarped pointed it out to me.
SBD's won't be automatically converted to STEEM when the market cap of SBD goes higher than 10% of the market cap of STEEM.
When that happens you will get less than a dollar worth of STEEM for your SBD conversation until < 10% of the market cap of STEEM is reached again but it won't happen automatically.
This mechanism will prevent the creation of a lot STEEM through conversation incase the STEEM price would go really low which is a good thing.
If you want to learn more @eonwarped wrote a very nice post about it here.
Steem Monsters accept outside crypto!
Since two days Steem Monster accept outside crypto (Bitcoin, Litecoin, ETH).
The cool thing is that all this crypto will be converted to STEEM first through blocktrades. here
I talk about it more in my vlog
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Amazing that you say @eonwarped made a great post about it and explained the concept and yet you didn't give that post an upvote. Also funny how this post is 30 minutes old and you've given yourself a full upvote.
On top of that, you are running as a witness. Well, I know one witness I won't be voting for
Oh just to clear this up, he did give the comment an upvote. That post I made is otherwise too old. Thanks for looking out though :)
Thanks for pointing that out, my mistake. He still didn’t give your comment the same size vote he gave his own post, and I am betting he didn’t give any of your recent posts a nice vote. Just tired of this type of self serving behaviour, especially by people who are supposed to be leaders in the community
What I really Love Mark @exyle is how you stay calm and you accept feedback in such a way that you do not allow your EGO to overpower constructive feedback especially when others on Steemit have information that shows that you may be incorrect in your first assessment..............................
I love the fact that you made a mistake in your post yesterday and made a reasonable corrections, I like people of your type who don't wield pride to say sorry that is a mistake. You are really a good witness that fitted his position and always try to me a meaningful contribution.
Very cool that Steem Monsters is getting attention from outside Steemit; seems to me that would definitely be a good thing for Steem, in the long run.
I wonder, now that SBD are pretty close to the original intention of a 1 SBD = 1 USD "peg," was anything learned from the activity since November last year that would keep it from going back to $5 or even $10 again? Or is it just "market forces" at this point, and little can be done?
I ask from the perspective of there perhaps being more of a "Steem Economy" where in order to effectively market goods and services, it becomes very difficult if the "currency" can swing 100% in a week. For example, I want to offer a t-shirt for 15 USD, so I use something like @steembay to place it at 15 SBD. But by the time the 7-day listing ends, the t-shirt is now 30 USD which nobody will buy. See my point?
Anyway, all the best to you!
I understand where you are coming from. Currently it's market forces. An SBD can be pegged on the underside but not at the top (>$1).
An SBD is literary only worth $1 of STEEM. I think it was never expected that anyone would pay more for something that's only worth $1.
Definitely when the prices go down we feel the platforms slowing down, but that allows us to get advantage of the situation and explore our believe instead of leaving, by fear or demotivation.
Steem Monsters are doing a great job advertising and improving the game, this last update is super important to reach more people, especially outside STEEM.... attract them and retain them!!!
Yes.. it does seem to be a good time to take advantage of the market situation rather than quiting.. I am still a believer.. Thank you for the correction.. and the great info shared
Engagement is definitely down from my perspective @exyle. Even the people that were posting without fail every day are beginning to drop off. I find it makes it harder to keep posting when there is less interaction but, for now, I'm managing to keep on doing so.
It seems like my Steem Power is growing faster though which is good and spam accounts seem to have dropped off too.
There was a time when, every time I posted, I would get 10 plus spam accounts automatically following me but that doesn't seem to be happening any more.
it's also easier to find good accounts in the new feed as there is less spam around so it's not all bad. Just tough to keep going when it feels like you're mostly posting into a void and your payouts are mostly 20-40c.
I'm going to take a bit of a break I think and enjoy the sun. 😊
To recover this error
Glad to know about the Steem Monsters multiple payment options...
I did not know there was more than one payment method
Thank you for the wonderful information