Viewing a response to: @ew-and-patterns/sbd-update-09-01-18
@ew-and-patterns the thing that bugs me with Steem and Steem dollars going up, is that they are both supposed to be pegged 1:1 with the US dollar. The steem protocals change the interest rates in the system to help make that happen as well as some other key changes to coin rewards and elsewhere. If these ever take hold the price is ultimately going to go down to $1.00. For these to take hold though it looks like people would need to utilize savings for steem and steem dollars. I have yet to see any account though with any significant amount in savings. and we all have yet to see this lead to a significant amount of selling to drive the price down. Any thoughts on that from the white paper or does that change your opinion of anything, or just ignore this part of the whitepaper and say the developers failed that goal?
post_id | 24,657,532 |
---|---|
author | paced.financial |
permlink | re-ew-and-patterns-sbd-update-09-01-18-20180109t213206957z |
category | sbd |
json_metadata | "{"app": "steemit/0.1", "users": ["ew-and-patterns"], "tags": ["sbd"]}" |
created | 2018-01-09 21:32:06 |
last_update | 2018-01-09 21:32:06 |
depth | 1 |
children | 4 |
net_rshares | 0 |
last_payout | 2018-01-16 21:32:06 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
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pending_payout_value | 0.000 SBD |
promoted | 0.000 SBD |
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author_reputation | 2,537,724,335,964 |
root_title | "SBD update 09.01.18" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
percent_steem_dollars | 10,000 |
>the thing that bugs me with Steem and Steem dollars going up, is that they are both supposed to be pegged 1:1 with the US dollar. Show me your source for that statement. I bet you can't, because it's wrong. Steem was never pegged to the dollar and SBD is now never gonna be pegged to the dollar again. Dan Larimer, creator of STEEMIT confirmed it two weeks ago in an interview.
post_id | 24,659,711 |
---|---|
author | ew-and-patterns |
permlink | re-pacedfinancial-re-ew-and-patterns-sbd-update-09-01-18-20180109t214838809z |
category | sbd |
json_metadata | "{"app": "steemit/0.1", "tags": ["sbd"]}" |
created | 2018-01-09 21:48:42 |
last_update | 2018-01-09 21:49:51 |
depth | 2 |
children | 3 |
net_rshares | 1,983,371,272,494 |
last_payout | 2018-01-16 21:48:42 |
cashout_time | 1969-12-31 23:59:59 |
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curator_payout_value | 5.333 SBD |
pending_payout_value | 0.000 SBD |
promoted | 0.000 SBD |
body_length | 380 |
author_reputation | 113,066,339,794,964 |
root_title | "SBD update 09.01.18" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
percent_steem_dollars | 10,000 |
author_curate_reward | "" |
voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
ew-and-patterns | 0 | 1,983,140,834,994 | 57% | ||
fareast-history | 0 | 230,437,500 | 100% |
"It is our belief that these rules will give market participants confidence that they are unlikely lose money by holding SBD purchased at a price of $1.00. We fully expect there to be a narrow trading range between $0.95 and $1.05 for SBD under normal market conditions." Thats a small part of the white paper under Setting Price Feeds, that whole section is what I'm talking about though. Starts on page 11. Goes into the controls in place for Steem and SBD. https://steem.io/SteemWhitePaper.pdf It's a dense read. That excerpt definitely shows the expectation for SBD to be prices around a dollar and Steem and SBD are deffinitely meant to be pretty comparable to each other. Or at least encourage the prices to match each other from the release of new SBD and Steem. As I kinda said though as long as steem user and investors don't care for their savings and guaranteed interest on their steem and SBD then the savings application for Steems monetary policy is broken and wont be their as support if steem were to fall below one dollar. Making steem fundamentally only able to hurt its own value by having all new SBD having no reason to be saved up. With you being more of a TA trader (Least looks that way) I wanted to bring up some fundamentals of steem since it is probly not something you are primarily looking at. PS I'm short term bullish on Steem and SBD as well, especially Steem since it is below parity with SBD, and the SBD being close to $1.00 thing is far out the window at this point in my opinion.
post_id | 24,663,541 |
---|---|
author | paced.financial |
permlink | re-ew-and-patterns-re-pacedfinancial-re-ew-and-patterns-sbd-update-09-01-18-20180109t221621684z |
category | sbd |
json_metadata | "{"app": "steemit/0.1", "links": ["https://steem.io/SteemWhitePaper.pdf"], "tags": ["sbd"]}" |
created | 2018-01-09 22:16:21 |
last_update | 2018-01-09 22:17:24 |
depth | 3 |
children | 2 |
net_rshares | 121,903,218,748 |
last_payout | 2018-01-16 22:16:21 |
cashout_time | 1969-12-31 23:59:59 |
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curator_payout_value | 0.051 SBD |
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root_title | "SBD update 09.01.18" |
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author_curate_reward | "" |
voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
ew-and-patterns | 0 | 121,903,218,748 | 4% |
Maybe parity was intended, but it never happend for a prolonged time. Maybe they expected it to stay close to a dollar, but with no mechanism to quickly produce and destroy SBD that's just impossible to do. It can't work like tether, because it doesn't have the same features of tether. Was it intended? We will never find out. Maybe it was an unexpected rise, but maybe they decided to collectivly buy SBD to start the STEEM rally after SF2. I am quite sure that is what actually happened. Clever boys telling us one thing then doing the other thing. Same story after SF1, when they pumped the STEEM price to 4$ right afterwards... Yes, I don't believe in fundamentals at all, but I am able to think outside the box. I appreciate your response to my comment though. One last thing to think about. What makes you think, that they will stick to what they intended in the whitepaper forever? Why would they, when they found an easy way to become multi-millionaires in a very short amount of time? Pump the SBD, people will sell it for STEEM and pump the STEEM value. It's actually fking genius.
post_id | 24,666,182 |
---|---|
author | ew-and-patterns |
permlink | re-pacedfinancial-re-ew-and-patterns-re-pacedfinancial-re-ew-and-patterns-sbd-update-09-01-18-20180109t223549223z |
category | sbd |
json_metadata | "{"app": "steemit/0.1", "tags": ["sbd"]}" |
created | 2018-01-09 22:35:51 |
last_update | 2018-01-09 22:38:30 |
depth | 4 |
children | 1 |
net_rshares | 2,271,760,188,020 |
last_payout | 2018-01-16 22:35:51 |
cashout_time | 1969-12-31 23:59:59 |
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pending_payout_value | 0.000 SBD |
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author_reputation | 113,066,339,794,964 |
root_title | "SBD update 09.01.18" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
percent_steem_dollars | 10,000 |
author_curate_reward | "" |
voter | weight | wgt% | rshares | pct | time |
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ew-and-patterns | 0 | 1,964,253,779,423 | 57% | ||
thing-2 | 0 | 307,506,408,597 | 100% |