wtf steem and sbd price???
I have said for quite some time, that pegging such a large proportion of Steem's market cap to the dollar was stupid. Well, when the dollar is up, it sucks big time. But now the dollar is collapsing (it must be, this can be the only explanation) now, nobody is getting paid steem in their rewards, which has dried up the supply and now, look at the price!
http://coinmarketcap.com/currencies/steem/
vs
http://coinmarketcap.com/currencies/steem-dollars/
One might surmise then, an unintentional feature of the pegging algorithm kills steem hard when the dollar is up, but when the dollar is going down...
I had counted on about $2000 coming out of my powerdown. Now it could be a lot closer to $3000. If the market keeps hammering the dollar like this, I'm gonna be the one giving out charity to my good friends. This is nice. It is the just desserts that I have earned, in my opinion. I may not be all that keen on steem, especially since I have got up close and personal with the software that runs this network, but it's working out pretty good for me right now.
Update
After some thinking about it, I have realised, and I think some people with a million tied up in cryptos, or so, have realised they can pump the Steem price by pumping the SBD price. Anyone who has been watching the rewards coming in from their posts surely has noticed there is no Steem in it, only SBD. So the supply of new Steem is restricted to what people can sell from powering down. I'd be willing to bet that has pushed the effective inflation rate of Steem below 5%, which is why it's going up, and will continue to while people keep bidding up SBD.
The SBD is becoming a bit of a joke as a pegged asset though.
I think people might also be reacting to the consensus on Hard Fork 19 to flatten the reward curve, and Ned's statement that communities are coming in this quarter.
In any case, good times for Steem holders! And ETH holders and Dash holders and Bitshares holders and Bitcoin holders... :-)
BTW, Ned told me there was going to be something like Communities way back in about November last year. Promises Promises.
I have just started building a properly designed peer to peer chat system for Dawn now, that really is not that complicated, and it's not like I haven't been dropping the idea pretty clearly for anyone else to pick up on, yet nobody is... Oh well. In a couple of months I expect it will be full release grade and the mesh will be up and running. It will include everything that Rocketchat and Discord do, except no central servers at all. Like bitmessage, but without python or proof of work (It will be a light go backend with sqlite database and file store, with gRPC interfaces that can be used by front end applications). And it will include the ability for a user to ignore! Why is it so many chats these days except the most popular ones leave out this function??? When I say 'ignore' it won't just be interface side, the server backend will literally not store the designated asshat's messages at all. Or relay them.
Sounds like you're making great progress. It's very satisfying to design systems and then bring them to fruition. Keep up the good work!
I attribute 90% of this simply to the pegging algorithm.
I am holding a bit of bitcoin for good measure as well. It might hedge me a bit in what are clearly very uncertain times.
BTW, I was campaigning for that hard for 3 months now. You are welcome.
SBD price is because problems of USDT.
what is USDT?
https://steemit.com/bitcoin/@kingscrown/due-to-bank-withdrawal-problems-price-of-btc-is-exteremly-high-on-some-places
Tether. It's another pegged crypto.
a derivative... what do i call it again? redemption certificate (in theory)... not quite a redemption certificate because it hasn't got a cast iron guarantee.
I think of it as some kind of bastard half-cast.
It doesn't belong as an issued token, at all, in my view. I also think that voting is unneccessary (and SP) because voting is bs, and opens the system up to cheaply spamming the chain with botvotes. If users had to prove they downloaded the content this would serve perfectly in its stead, and would not be such an enticing target for automatic curation, because it would require quite a lot more bandwidth (loading the attached assets, for example, which also could be served up the same way).
Somone is heavily trading SBD on poloniex.
i will be glad if you share with me a lil.......#winks
sorry mate, still not enough balance to see me beyond 4 months if I am super careful.
I worked pretty damned hard to get all this together, and yes, most of it was rewards earned in 6 months of writing my ass off. It could well be my first time actually not losing money all the time.
I'm not betting any of it on steem though, I think I already bet enough that way. Winter in Amsterdam to scrape a little surplus beyond this was hellish. At least it cost me no injuries that are visible. I am still waiting for the bronchoconstriction to abate but it has become now clear that has been down to, ironically, the side effects of the most commonly prescribed asthma medicine.
I'm not feeling fantastic, but I am feeling very optimistic.
You will be fine mate,i'll say a prayer for you daily now!
If it makes you feel better, be my guest. But I'm pretty sure the Lord has some big plans. Can't hurt to say a few words in reverence anyway... The still small voice is telling me that all is well, but you know how that goes when you only get whispers of hope.
Yep I've been thinking about the way they've been running this madhouse - charleton heston reference - I powered down about 500 US and moved some it over to BTS (openledger - @lukestokes). Also, been playing the internal market selling high buying low. The first thing they need to do is abstract all the craziness of their API. Just remember, everything is pegged to something, even Gold.
yup. I had been trying to hammer into someone's head just this morning, that all currency, and commodities, are backed by SERVICES. Money provides a service even: that it is accepted in trade. A hamburger is a provider of the service called 'mmmmmm'. BTW, if you love burgers, then you'll love Serbian Pleskavitsa. oh my god. You know how giant a big mac looks in photos? these things will floor you https://en.wikipedia.org/wiki/Pljeskavica
it is gonna be nice if after all this, the @steemit account has been powering down to harvest a profit for the initial stakeholders, and now, finally, the price has turned around, and SBD's peg has turned into a blessing. I bet that's burning someone...
Wealth, value, and price all driven by services