Witness Update: Adjusting My Price Feed Bias To 65% And Increasing Block Size To 131,072
As more witnesses are following the trend of increasing their price feed bias, I decided to lower mine from 80% down to 65%. The measure of having such a high bias is related to the abnormally high price of SBD - basically, the peg is broken and that puts pressure on other parts of the system. The goal is to have SBD trading again at "1 dollar worth of STEEM" as it was initially designed.
Following the increase in transactions, I also decided to increase the size of the block from 65,536 to 131,072.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
https://steemit.com/~witnesses
If you're new to Steemit, you may find these articles relevant (that's also part of my witness activity to support new members of the platform):
Good updates. SBD price is real problem and witnesses could help us to solve it. Hopefully more witnesses will join with their updates.
See mr. Bitcoin it is could be as easy as that 😄
He he, yes Bitcoin has a much more difficult problem, even with 1MB block size...
Thanks for the updates @dragosroua and thanks for being witness to this great community.
Hi, Dragos,
I'd really appreciate a little more explanation - perhaps a separate article? - of these two changes.
I don't think it would take a lot more description, but perhaps "connecting the dots" a little better to help me (and others!) understand how you make these decisions as a witness... ;)
😄😇😄
Ok, will try to draft one tomorrow.
Finally added you as a witness. Would have done it days earlier if I could spell right xD
ha!
He he, thanks, appreciate it :)
Price of SBD going above $1 is yet justifiable but I dont understand why and how the value of USDT fluctuates even after being backed by a dollar. Will appreciate a brief description.
Thanks in advance
The peg of a currency to another one (being "backed" by the dollar) is based on oracles: witnesses are publishing price feeds in which they commit to the peg. On the internal market, the SBD trades differently, because the internal market is generally influenced by the witnesses. But once you get into a different market, the price will not rely on the oracles as much as it relies on demand and supply: SBD is in big demand right now, hence its price on Poloniex is higher.
Thanks for the explanation, it really helped me getting a clearer picture :)
Ok...I'm confused.
Isnt' that what the uproar over at BitCoin is all about.
SegWitless or something like that?
doing what you just said you're gonna do?
I din't know it (what you said) could be done on an individual basis.
I thought...well it doesn't matter what I thought
(I'm soooo confused)
These are very different blockchains. Steemit doesn't relay on Proof of Work, which why all the buzz is, and the size of the block is not as much as important as in Bitcoin.
thank you for your reply.
I have no clue what it means
but YOU do.
that's why I voted you my proxy.
good work
carry on.
oh...one more thing since I have you on the line.
it's really very minor...but I think it might improve understanding.
I have 1327 followers..that part is clear...but i AM following 29
I suggest reversing 29 Following and making it following 29
perhaps that's more understandable?
the way it is right now it might appear to be saying the same thing..twice...which is confusing.
or it is to me.
Will think about that suggestion. For me it works both ways. "following 29" might make more sense.
thank you.
Thanks for explaining price SBD feed bias i have been trading on BITTREX between 0.00051 0.00053 BTC until it shot up. Increasing the block size to allow more transactions any negative effect like performance ?
Nope, AFAIk, the speed of the graphene blockchain is not very much dependent on the block size.
thank you just wondering why the limit in first place
Thanks for the update, resteemed it. Why would you increase the size of the block? What benefits does it bring?
More space for transactions. As the number of transactions increases, if the block is not big enough, there is a risk of losing transactions, they will not be included because "there's not enough space".
Ok, got it. Thank you
Good post
upvoted and resteem really like it