Prompt of the day “Primary” - What’s your primary concern for the Steem blockchain?
During the last hard fork I came to many concerning conclusions relative to our platform.
Not specifically with anything built on top of the blockchain but with the blockchain itself.
I learned that Steem is inflationary meaning it functions the same way as fiat vs something like BTC which has a limit on total tokens produced.
Then I learned we have an outstanding debt of SBD - Steem which relates to the value of Steem itself.
Lastly I learned about the potential situation of centralization of witness votes, by two specific accounts holding the most power pretty well determining the top 20 witnesses.
That’s just to name a few, my primary concern for now must remain something I can influence with visibility on the subject. I cannot influence neither the inflationary nature of Steem nor the witness situation but I can influence the debt problem.
We can all influence the debt problem, simply by using the hidden feature on the blockchain of converting SBD - Steem without the internal market. This takes that SBD and destroys it so no longer in circulation lowering the outstanding debt moving towards a better price evaluation on Steem.
Links Regarding Secret Convert Feature
@steemchiller has included the convert feature in his project steemworld.org, to pull up the page head to https://steemworld.org/@yourusernamehere click balances on the left then you will find convert SBD on the right.
@themarkymark https://steemit.com/sbd/@themarkymark/good-time-to-trade-sbd-for-steem
Updated!
Prompt of the day “Primary” by @MarianneWest
Let me know your thoughts in the comments below!!!
Thats it @d00k13 OUT
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You can also do this through steemworl.org. It is really easy!
Awesome thank you that simplifies the whole process! Adding a link to my post 👍
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She means steemworld.org! Glad you're finding it easy! Yay for @steemchiller!
Just another reason to support the project, good job @steemchiller 💪 I never noticed this feature before!
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Thank you!! I can count on you!!
Seriously, I've never heard of this part of exchanging sbd for steem to cancel debt.
I'll surely give this a try and tell you how it goes
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Yea dude let me know, as you will find in the post I just updated it with a simple convert tool by @steemchiller on his project Steemworld.org which was pointed out to me by @mariannewest
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I'm most worried about the way witnesses are voted in. Right now, I think it's a little too much based on money. I wish it was a true democratic system where everyone's vote was worth 1. I also wish voting for witnesses was easier.
Yea I can relate with that one, I had considered becoming a witness but with the way the system works and the fact that I would not be willing to follow the flow just for the sake of getting those larger votes I decided to at least wait before attempting it. The major influence is the cost required to run the witness vs the votes required to sustain it, either I would need to have some major support coming my way or be ready to take a minimum of a few months of losses with a rented system. However I doubt I would ever make it into the top20 unless we had a true democracy system as you stated, that would be a major positive change for those of us wanting to improve the current greed driven system.
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I worry 2 things, that Dtube leaves Steemit and that the steem can not reach the same value as last December.
I doubt DTube has any intention in leaving seeing how many Steemians dumped DLive when they left the chain.
As for price I imagine Steem once SMT is released to finally break this current downtrend but will the new high continue to be sustained? I’m not certain as we are inflationary meaning unless there is demand for the token the fact we have no limit on tokens produced makes it seem like a non profitable investment just holding it.
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I hope that SMT will work very well :D
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