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RE: Vlog 157: Do not convert your SBD to STEEM with the convert function in your wallet! Use the Internal Market.
From the FAQ:
How do Steem Dollar to STEEM conversions work?
If you convert Steem Dollars to STEEM on the Wallet page, the blockchain will process the transaction over a period of 3.5 days. At the end of the 3.5 days, the SBD will be gone and replaced by approximately $1 USD worth of STEEM tokens. The "approximately 1 USD worth of STEEM tokens" is based on the median STEEM price over the 3.5 days, using the price feeds from the Steem witnesses. Depending on price fluctuations during the 3.5 days it is possible to end up with more or less than $1 USD worth of STEEM per SBD at the end of the conversion.
so this would be useful when SBD is worth under 1 USD, and would actually be a mechanism to bring it back up to 1 USD. However, when SBD are >1 USD, the conversion tool doesn't contribute to bringing the SBD price down, since there are more profitable ways to use your sbd, like the internal market