Viewing a response to: @buggedout/steem-politics-witness-policy-for-steem-dollar-supply-increase
Hey man. Great post. Nice to see people noticing the work being put in around here. As you detailed, having a bias set will benefit EVERYONE. If the free market decides it wants to keep speculating and buying up all the available SBD and the price keeps rising, so be it, we will just keep paying authors more and more. However, if STEEM could actually maintain a proper peg on the debt asset, it will have a lot of advantage over other currencies. Exchanges have created their own make believe asset (USDT) to handle such a use case.
| post_id | 24,686,232 |
|---|---|
| author | netuoso |
| permlink | re-buggedout-steem-politics-witness-policy-for-steem-dollar-supply-increase-20180110t010208696z |
| category | politics |
| json_metadata | "{"app": "steemit/0.1", "tags": ["politics"]}" |
| created | 2018-01-10 01:02:09 |
| last_update | 2018-01-10 01:02:09 |
| depth | 1 |
| children | 3 |
| net_rshares | 116,501,521,541 |
| last_payout | 2018-01-17 01:02:09 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 1.020 SBD |
| curator_payout_value | 0.223 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 535 |
| author_reputation | 118,092,474,323,969 |
| root_title | "STEEM Politics : Witness Policy for STEEM DOLLAR Supply Increase" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| buggedout | 0 | 3,724,732,826 | 100% | ||
| yabapmatt | 0 | 60,829,629,106 | 100% | ||
| flameburst | 0 | 51,947,159,609 | 100% |
Thanks. We're on the same page with this one. Even the great Vitalek Buterin has stated that one of the biggest challenges in the crypto space is creating a stable crypto currency. We actually had one with SBD for a while there. Even a soft peg or a fluctuating peg has got to be better than relying on a (somewhat shady) central repository to back it like Tether does.
| post_id | 24,698,364 |
|---|---|
| author | buggedout |
| permlink | re-netuoso-re-buggedout-steem-politics-witness-policy-for-steem-dollar-supply-increase-20180110t022840963z |
| category | politics |
| json_metadata | "{"app": "steemit/0.1", "tags": ["politics"]}" |
| created | 2018-01-10 02:28:48 |
| last_update | 2018-01-10 02:28:48 |
| depth | 2 |
| children | 2 |
| net_rshares | 779,692,981,295 |
| last_payout | 2018-01-17 02:28:48 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 7.586 SBD |
| curator_payout_value | 0.745 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 373 |
| author_reputation | 76,638,049,743,023 |
| root_title | "STEEM Politics : Witness Policy for STEEM DOLLAR Supply Increase" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| netuoso | 0 | 729,796,367,460 | 100% | ||
| flameburst | 0 | 49,896,613,835 | 100% |
I like high SBD and have a hard time understanding how increasing supply would actually help anybody out? Let's take the idea of diamonds. I agree that if all the diamonds in Africa we're allowed to be extracted and put in the market, diamonds would not be worth anything. But then we would lose a product that makes people feel special? Sure, SBDs **_shouldn't be worth 8 dollars_**, but what does it matter? You just want to issue more SBDs, and then they will be worth less? So people get paid more SBDs, and so the price goes down, but nobody **_technically loses anything_** Seems interesting but why bother? I think SBDs function very well in our current economy. We have enough of them, no? Why flood the market with more SBDs? The fact that the market has assigned them their current price is because they are scarce. What are the benefits of abundant SBD? Why not leave them scarce and see what happens? **_I liked @Aggroed 's idea of doing absolutely nothing about the broken peg_** and will be making sure not to vote for anybody who favours having a "BIAS" lol
| post_id | 24,730,148 |
|---|---|
| author | imp.unity |
| permlink | re-buggedout-re-netuoso-re-buggedout-steem-politics-witness-policy-for-steem-dollar-supply-increase-20180110t062823661z |
| category | politics |
| json_metadata | "{"app": "steemit/0.1", "users": ["aggroed"], "tags": ["politics"]}" |
| created | 2018-01-10 06:28:24 |
| last_update | 2018-01-10 06:28:24 |
| depth | 3 |
| children | 1 |
| net_rshares | 2,744,539,977 |
| last_payout | 2018-01-17 06:28:24 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.028 SBD |
| curator_payout_value | 0.000 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 1,079 |
| author_reputation | 4,617,899,153,070 |
| root_title | "STEEM Politics : Witness Policy for STEEM DOLLAR Supply Increase" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| buggedout | 0 | 2,744,539,977 | 100% |
You are entitled to your opinion and so is @aggroed. That is why I put "STEEM Politics" in my title, because that's what this comes down to. I actually like @aggroed, his general philosophy is excellent and he has a lot of good points regarding letting SBD be high. But I unendorsed him as witness, not because he has zero bias, but because he maintains a positive APR. As it stands you claim SBDs function very well, but they have actually lost their function. You used to be able to convert SBD to STEEM inside Steemit, but nobody does that any more and its disabled. The system is not working as it was designed and while I enjoy the higher post rewards there are some negative side-effects - one of which I will write about tomorrow.
| post_id | 24,733,371 |
|---|---|
| author | buggedout |
| permlink | re-impunity-re-buggedout-re-netuoso-re-buggedout-steem-politics-witness-policy-for-steem-dollar-supply-increase-20180110t065327451z |
| category | politics |
| json_metadata | "{"app": "steemit/0.1", "users": ["aggroed"], "tags": ["politics"]}" |
| created | 2018-01-10 06:53:33 |
| last_update | 2018-01-10 06:53:33 |
| depth | 4 |
| children | 0 |
| net_rshares | 0 |
| last_payout | 2018-01-17 06:53:33 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.000 SBD |
| curator_payout_value | 0.000 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 743 |
| author_reputation | 76,638,049,743,023 |
| root_title | "STEEM Politics : Witness Policy for STEEM DOLLAR Supply Increase" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |