Cool to hear about new recruits!
If you use the steem internal market, or bittrex, or poloniex, you'll get whatever rate the current market gives you, which may be above or below $1.
However, my understanding is that if you use the "convert to STEEM" drop down menu wallet option, you should ideally get something around $1's worth of steem. The caveat is that the conversion will take place in 3.5 days time, so you have to wait (this is done to prevent users trying to 'game' the system).
However, the actual rate used is dependent on what price for steem is that the witnesses are supplying. This means that in practice the conversion rate is only going to be roughly around $1, assuming the witnesses have not tweaked their price feeds in any way! All pretty complicated, but the idea is that if the market rate on poloniex etc got too far below $1, then people would start using this feature more even though they would have to wait. This is the technical mechanism in place to try to ensure SBD maintains at least roughly dollar parity, I believe.
But I have not tried the feature. As an experiment you could try using the internal market to convert 1 SBD, and the 'convert too STEEM' method for another 1 SBD... and see what the difference was in practice!
Cool cool. I think I got it. So if you bought a bunch for SBD on poloniex, you could transfer it too steemit. Then convert to Steem for max gains...
Dude! The market is freakin crazy right now.. How are you handling it all? Hopefully well.
I am just going to keep making content everyday. Hopefully it will boost back up and my earnings from the post will double or triple ...
SHould be interesting to see what happens.
Do you think prices will raise before or after the august update? It is hard to say .
Yes, exactly (although currently you'd need to use bittrex as poloniex still hasnt figured out how to get deposits/withdrawals working again)! I.e., if the price ever falls too far below $1 on either external markets or the internal market, then arbitragers should take opportunity of this and buy up cheap SBD, and just use steemit's 'convert to STEEM' function to convert at roughly $1. And, this should have effect of keeping these markets not too far away from valuing SBD at roughly at least $1 :)
As for how I am personally handing it. Well steem power is part of my long term holdings and as it's locked up, I couldnt sell anyway even if I wanted to...but in fact I added a bit more to my position to take advantage of the cheap prices! Regarding trading: lost a lot trying to catch the bottom of the market (which was stupid trading); but so far made some profit today (incl. getting back those loses) - as we did eventually find a bottom and hit a nice bounce from it!
August 1st: just a guess but don't think it will be that relevant really, other than short term volatility. I have a suspicion segwit will still get adopted via a segwit2x - but if it doesn't, I think we could still see just one main chain after Aug 1st. But this could be wrong, and we could get a complete mess instead! :/