SBD Peg is back to $1 US (I would still not convert here)
Over the past 12 hours the SBD peg as returned to the $1 level where it is supposed to be stable. The driving force behind this appears to be the broader Crypto market decline and Poloniex's suspension of SBD withdraws. While you could in theory use the 'Convert to STEEM' tool, the 3.5 day delay means that a turn around in the market could leave you with far less STEEM at the conclusion of the process than you are expecting.
I still advise using the internal market to trade your SBD for STEEM, or better yet, wait to see if the market turn around and Poloniex's eventual resumption of SBD withdraws drives the price back up so you can trade at a higher rate.
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Well we all hope things change become stable as it was. And this rate issue decline is something which is part of crypo trading. Thanks for sharing this post. I know positive rating will happen soon
I'm actually glad to see SBD down to $1. If it stays stable there, it'll be a good thing for Steem as a whole.
I am surprised by how quickly it was able to revert back to $1. I am interested to see how long it stays there. It's funny to see the 24h low at .95, that means there was an arbitrage with direct conversion on Steemit, I assume?
Because of the 3.5 day time lag, it is very risky to try and game the conversion process.
Indeed, good point. Although, I suspect that would still prevent any substantial and long-lasting dip below 1$.
Thanks for keeping an eye on this - and look forward to updates going forward for if/when we get a flip in this or doing 50/50 or full SP. Thanks again! :-)