SBD Potato Day 11: Potatoes Can be Sweet!

in sbdpotato •  2 months ago 


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Vote for this post to help fix the Steem Dollar Peg!

Incase you missed it; here is THE LINK to the intro post about @sbdpotato.

TlDr, you vote for @sbdpotato's daily posts and the rewards @sbdpotato earns will be used to purchase SBD on the internal market, convert it to STEEM (reducing the SBD supply) and then the converted STEEM will be used in a circular fashion to purchase more SBD - Rinse Repeat! That's basically it!

Today's SBD Price (Spot): 0.634USD

Current Debt Ratio: 17.30%

Target Debt Ratio: 9.90%

What do you get out of supporting @sbdpotato?

Well firstly by voting this post you will be helping fix SBD to get it pegged to 1 USD again as it was meant to, this could also help bring the STEEM price up with it. There is a theory that the two are circular, a strong SBD gives support to healthier STEEM prices, perhaps due to positive sentiment in the network.

In addition to doing your part to improve the economy of the Steem network, you will also earn SP curation rewards from voting the post that hopefully get decent traction.

You can set the @sbdpotato account on autovote using a service like beta.steemvoter, by creating a stream to autovote the @sbdpotato account at around 4 or 5 minutes as per the screenshot below. There are also other autovoter services you can use if you prefer.



Conclusion and Disclaimer

As custodian of this project I, @thecryptodrive, will not derive any monetary value therefrom and undertake this under my duty as Steem consensus witness and ambassador.

I hope the Steem community will embrace this idea of supporting the SBD peg by voting the @sbdpotato posts regularly, alone we are powerless, together we can bring about change.

Sponsors

If you would like to have your banner featured on the daily posts, simply upload your banner in our comments sectiona and pledge to vote for @sbdpotato daily and/or include @sbdpotato as beneficiary of your own posts!





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This post earned a total payout of 19.958$ and 15.006$ worth of author reward which was liquified using @likwid. To learn more.

Can this do what it is intended to do with the DAO receiving large amounts of SBD per day? The SBD supply is still growing even if you are burning chunks of it via this initiative...

  ·  2 months ago (edited)

To follow up a bit on my reply to your comment on one of the older posts:

  1. Clearly this needs to get a lot bigger to make any real difference, with or without the DAO. There are a few million SBD that needs to get burned to fix the ratio (unless the STEEM price increases). With persistence perhaps that is possible but it won't happen overnight
  2. The DAO is increasing the SBD supply, but not the debt ratio. 9x more STEEM is created per day as compared to SBD. This initiative should at least speed up the reduction in the ratio, even if the effect is small at first (see #1)

Can this "burn feature" overcome DAO's daily SBD provisions? 1,596 SBDs per day were released to be used to fund projects, which means they're sold. Seeing @sbdpotato's daily earning which will be used to purchase SBD, it isn't enough. There's a big discrepancy?

Remember @sbdpotato recycles the Steem/SBD it receives in a constant conversion and market buy cycle, so the amounts will grow over time. Right now only 100 SBD per day is being released by the DAO, so that is not alot to overcome right now.

Thanks for answering @smooth.

Only really the SBD paid out from dao should count, we might see a patch in the next HF might to only count what has been released. Currently only 100 SBD is being paid out by the DAO.

Since it's been created, it should count towards the total outstanding because it could still go out into the market at any time. If/when it's burned it can be subtracted. Why not fund the DAO/SPS in steem instead of SBD?

Saludos, apoyados!

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Whats with the potato here in steemit. I saw a lot for today!

  ·  2 months ago Reveal Comment
  ·  2 months ago Reveal Comment
  ·  2 months ago (edited)Reveal Comment

What that mean 🤷🏻‍♀️

Figure it out

U are just jealous for others success

success lol do not make me laugh

Look at his Profil he make money more than ya , I’m just telling what I see 🤷🏻‍♀️

ROFL

LOL that was a big word!

I am an early adopter of Steem since 2016, a consensus witness and CEO of https://buildteam.io I wouldn't do anything to ruin my reputation, stop spreading FUD, I'm only trying to help.

I am not "Spreading FUD". I do not agree with what you are doing. Sure the math works, but it is highly manipulative and deceptive. Just because I do not agree with you does not make this FUD.

Disagreeing is one thing and you have a right to your view but camping and n the post with comments trying to influence others not to support is spreading FUD. What’s deceptive about it anyway? The mechanics are totally transparent and all transactions are on chain.

SMH, You keep spamming this everyday and you say I am camping trying to influence others lol. Come on man! Also transparency has nothing to do with deception.

so what part is the deception?

Everything about it. The market prices SBD that way for a reason. It corrupts the data. Who knows what the effects are going to be. But like you said it is part of the code. So who am I to say do not do it. Knock yourself out. It is interesting, but I think deceptive. Keep BUIDLin and doing your thing.