Why would I lose over $100 in Bitcoin converting to Steempower
l wanted to transfer Bitcoin into Steempower but when I pull up the transfer page it says I will get about 166 Steampower for 1 Bitcoin. Steempower is currently valued at $3.30 on the buy/sell page and therefore would only give me $547 for my Bitcoin which is currently valued at $657 on Coinbase. I am new to the community and don't know if I am missing something. Can anyone shed light on this. I feel as if I should be getting fair market value for my Bitcoin. Why would I do this conversion to instantly lose $110 usd?
The exchange rates vary. They may be using something else to price the steem and likewise the bitcoin may be priced differently... For example I use bitstamp.net and many others may use something else and there are some differences.
Check Coinmarketcap.com and do the math and see if it gives you a similar number or the 166 steem for 1 btc?
I get $653/$3.71 = 176 Steem according to coinmarketcap.com
I think its close enough, again depends on what exchanges they are pricing steem and btc.
Wouldn't they go by what the price is on their buy and sell page? Right now it's at 3.40. 2 days ago steem was at 2.97 on their page and Bitcoin was like $666 and it was well over $100 usd difference.
I noticed some conversion issues myself. I thought I'd put .2 bitcoin into steem, so I did a mock purchase on steem itself and on poloniex both for that amount. When the estimates came back from each site, poloniex paid about 5 more steem than steem itself.
Needless to say I purchased them on Poloniex and transferred them in instead.
looks like I'll have to look into doing something like that. I'm in NY so I can't use those exchanges, I think I have to use shapeshift. I would rather have the additional 30 or so coins then to just throw it away because of the poor conversion rate.
I think they use a 7-day average for steem power. Idk if that would make that much of a difference
The exchange rate has been volatile but it is getting pretty close to market because of people making arbitrage bots. If you can get a better rate elsewhere do that and transfer it.
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