Similar to SP, SMD tokens cannot be purchased directly on an external exchange. SMD are primarily earned through contributing but can be purchased by converting STEEM tokens to SMD tokens.
Actually Steem Dollars can now purchased on external exchanges !
https://poloniex.com/exchange#btc_sbd
https://bittrex.com/Market/Index?MarketName=BTC-SBD
PS Abbreviation of SBD = Steem Backed Dollars
or just SD = Steem Dollars (not SMD please edit)
Yeah I've already converted back and forth multiple times into the different currencies. It works very well and is simple on the first platform named above. The second platform named above I've had some difficulty with but I think it was on their server side.
Great catch, thank you! I've updated the post accordingly. This is moving incredibly fast...
Ha, thank you again. Fixed the dollars, think I got SMD from the whitepaper or could have just been the 2am mental abilities. Either way, thank you!
@oldman "Steam Dollars (SMD) are a savings token that enable community members to hold wealth in a stable currency while earning interest." Does it earn interest? My understanding is that only Steem Power earns interest. It's one of the incentives to locking it in the ecosystem for 2 years.
Steem Dollars earn 10% annual interest right now (interest on a stable currency)
SP is like a share in a company that is protected from STEEM dilution, not the fluctuation of STEEM price...
Just so, thank you!
What's the use of buying a Steem Dollar? Isn't it just a USD $1 worth of Steem? @liondani
Steem Dollars don't go up and down in value like Steem or Steem Power does (ie. up 45% today, down 45% tomorrow on the exchanges). Steem Dollars allow you to protect your wealth in a price-stable asset. Plus it pays you interest. Plus it's liquid, meaning if you need the money you can get it in a week.
Can you help me and explain how to transfer them from Poloniex? https://steemit.com/steemit/@decrypt/how-do-i-send-steem-or-sbd-from-poloniex-to-steemit
btw I was mining pts in early november 2013 :)