Campaign to get SBD "unlisted" from Upbit/Bittrex/Poloniex

in sbd •  10 months ago

Please Resteem to let Steemit Inc know that Steemit Users want SBD (STEEM Dollars) "unlisted" from Upbit/Bittrex/Poloniex

Currently, the user @socky is actively and sadly possibly successfully campaigning to get SBD listed on more exchanges.

While this might seem like a good idea to the underinformed, getting SBD listed on more exchanges is likely to end in disaster for the platform. In fact, we have just gone through a disastrous six months with SBD that have already greatly undermined part of the STEEM economy.

Getting SBD listed on more exchanges is the last thing the platform needs now. In fact, until alternative measures are taken to fundamentally prevent the disastrous pumps we have just come out of, it should actually be worth the effort to try and get SBD unlisted on exchanges it is currently listed on.

Basically, if you care only for short-term profits, then an SBD vulnerable to pumps is great, and you will be hapy with the money the recent pumps have allowed you to make. If however, you believe in the added value of a relatively stable SBD for the STEEM economy and thus the long-term value of STEEM (as a proxy for platform value), then the last period of pumps should be seen as an absolute disaster. A disaster that we should aim to prevent from re-occurring.

This post is meant as a way for those who understand the importance of a successfully pegged SBD to the long-term value of the platform and to the STEEM economy. It is meant for them (us) as a way to express the fact that @socky doesn't speak for everybody on the platform with the idea that SBD pumps are desirable because they make people money.

The user @socky is very actively promoting his disastrous agenda.
In this post @socky is asking @ned to fill out a form to help get SBD listed on with @binanceexchange. While I trust that @ned will know better than to help with the demise of SBD, this campaing @socky is going the witness road. Gathering witness voting power in order to get some greedy witness who would sacrifice SBD for a higher ranking to do his bidding.

The last one is a tricky one. @socky is calling to get both STEEM and SBD listed on more exchanges. Getting STEEM listed on more exchanges is a great idea that nobody should have reservations about. For the underinformed, SBD is just another STEEM, but it really is not. Where STEEM represents the value of the platform itself, SBD, at least SBD as it was intended increases the value of the platform indirectly by augmenting the STEEM economy with a services oriented sub-economy.

STEEM isn't just about having yet another cryptocurrency that expresses monetary value. At a very fundamental level, STEEM is about content, about the creative process of creating top quality content.

So how do people create the best content? While currently many people go at it alone, before the pumps started happening the seeds of a more service-oriented economy were started to slowly germinate. For example, I'm a professional software engineer and information security, specialist, but next to that, I'm an amateur myhtpunk author. At the end of last year, just before the pumps started hitting, I was exploring selling my services as a dev in order to fund buying editing and illustration services for my fiction. The pumps brought a quick and cruel end to these dreams, and I'know I'm not the only one who has had their plans crushed by the pumps. Point is, you can't buy and sell services with cryptocurrency if that currency could just quadruple in value one moment and drop to a fraction of its value the next. A stable pegged currency ia an absolute prerequisite for a services economy to blossom.

So why get SBD unlisted? I am proposing this as a temporary measure. STEEM really would benefit from a successfully pegged SBD and the services economy that should flow from that (once trust is restored). Currently, the peg is just too brittle to withstand the speculative forces that it is subjected to on major exchanges.

In the meantime, we should be looking at ways to make SBD pegging less fragile. A double unidirectional peg with some bandwidth might be a good idea.

Restoring trust in SBD pegging will take time. Getting SBD unlisted should create some attenuation of the speculative market forces that led to the previous prolonged pumping, but more fundamental solutions are needed and SBS will again need to prove it can hold its peg before the seeds of a services economy can start to germinate again. It is sad that some people are so blinded by the short-term financial gains from SBD that they fail to keep their eye on the ball and consider why these gains are happening. With high-rep high-SP people like @socky campaigning for SBD to get listed on more not less exchanges, and gaining traction, I fear for the future of SBD. The short term financial gains from pumps are not worth the destruction of what could easily become half of the value of the total STEEm ecconomy. A sub-ecconomy of content oriented services that adds to the intrincic value of the platform.

If you if even partially, understand the importance of this all and understand the importance of @socky's campaigns falling on deaf ears with our witnesses, please resteem this post to let Steemit Inc know @socky isn't speaking for all of us in his campain to deal a final dead blow to SBD pegging.

If you happen to have enough of a following to pull it off (I'm just a tiny fish without any leverage), please also consider starting a competing campaign to that of @socky's campaign aimed at witnesses. I would definitely give my total of 2.35 MV worth strength to a witness that manages to get SBD unlisted from one of the exchanges it is currently listed on. But I definetely don't have enough traction to start a campaign like @socky's to get this off the ground. So if you happen to be the owner of an Orca sized account, please consider starting such a competing campaign. The platform needs your help!

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If you place stability overall, why not conduct your businesses in fiat?
Short term gains over time accumulate to long term gains.

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You got a 32.38% upvote from @luckyvotes courtesy of @stimialiti!

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You got a 38.83% upvote from @sleeplesswhale courtesy of @stimialiti!

I believe in Steemit. I also believe that everyone on Steemit, that are good users, should have a voice. You are an excellent user and I respect you. You have a right to your opinion and deserve to have your voice heard. You have invested considerable time into this platform and you not only have a right, but you have earned it. It is OK that we have different opinions.

I’m not trying to do anything to harm Steemit. In fact, I believe so strongly in the future of STEEM/Steemit that I have almost my entire life savings devoted to Steemit. I even sold my prized vehicle that I invested years and tons of money and sweat. That money along with almost everything I owned was sold and went into cryptocurrency and resides primarily in STEEM. In fact, my house is mortgaged, and the equity is now in cryptocurrency. Cryptocurrency is the future and we are early adopters. I started late to Steemit and was not fortunate enough to mine STEEM in the early days to amass a fortune like other users. I’m not upset, it just took a lifetime of earnings to barely break the threshold to buy in as an orca rather than a few months of work to be a whale. That is my reality, but I’m OK with it. You will see others cashing out their STEEM earnings weekly, but not me. I really want Steemit to succeed and I’m in it for the long haul.

I’m not here on your blog to change your mind or opinion. You have a right to your opinion. That is the beauty of this platform. Everyone has a voice regardless of ethnic background, nationality, or language. That voice is yours and you are entitled to it. To prove it, I'm even upvoting this post 100% which should bump your payout ~$3.60

Cheers

I know @dragosroua is a strong promotor of stable SBD, so just mentioning him so he can read your post PLUS letting you know who is on your side on this platform :-)

I personally would love a stable SBD as well since I'm currently unsure how to sell my original photoprints and photobooks.

Interesting post..

SBD’s max value has never been pegged. I also see a lot of emotional rants but little arguments. The only (sort of) argument I have seen there was: "it will destroy service economy". Also why do you think that the less exchanges trading SBD the less opportunity for pumps? What is the logic behind that?

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SBD as far as I understand it was designed to have a hard, exchangeability based, downward peg but a much softer, printing-based upward pegging mechanism. The later has failed miserably.

The more platform external speculative capital SBD is exposed to, the more likely it is for SBD to end up pumped way above the $1,- mark. Every additional bigger exchange ads to the exposure to the wims of the market.

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No there is no softer pegging. When there is no Steem to back SBD it firstly slows and then stops printing (which is what happened). That by no means is a "value peg". SBD is only pegged from the bottom. The topic is opened up for discussion but you would need to bring some proofs instead of "failing rants". Why would it fail miserably? It feels like you’re coming to conclusions way to fast without considering all the variables. Why would you do it :)?

I think that your line of thoughts regarding this topic is incorrect. The more exchanges the bigger arbitrage possibilities. See how it (if it isn’t the movement of the WHOLE crypto market) always is one stock that shuts down deposits and suddenly the SBD is trading for moon values. If the trading was centralized on handful of stocks, this behaviour would cause MUCH BIGGER value spikes. Enlistment of any given crypto is usually triggering only very short-lived pump.

Interesting post.