SBD Potato Day 53: Make SBD $1 Again!

in sbdpotato •  11 days ago 


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Don't want to see these posts on trending? Then vote for the SPS proposal!

Get the @sbdpotato proposal voted on the Steem Dao and help fix the peg faster in addition to reducing dependency on trending page posts.

Direct Steemconnect Vote link:
https://beta.steemconnect.com/sign/update-proposal-votes?proposal_ids=%5B66%5D&approve=true

Proposal Info link: https://steemproposals.com/proposal/66

Conversion Report

Now automated at 10-minute intervals, if there is STEEM present in the account the bot will sell it on the internal market for SBD at a max rate of 300 STEEM per cron interval, this rate can be adjusted in Config Vars.

Thereafter, all available SBD is placed into conversion automatically.

The code repository can be seen on this Github link.

If you would like to see the code in action, donate STEEM directly to @sbdpotato and watch the bot do its thing on https://steemd.com/@sbdpotato.

Feel free to follow the conversion progress via the links below:

Conversions in progress (API): 1957.223 SBD
Total conversions since inception (API): 12108.83 SBD

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

In case 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): 0.591 USD

Current Debt Ratio: 16.04%

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

All images used a royalty-free, courtesy of pixabay.com.

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.

When the @sbdpotato funds are no longer required to support the peg, they will be sent to @steem.dao where the community can then decide what they should be used for.

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 sections and pledge to vote for @sbdpotato daily and/or include @sbdpotato as a beneficiary of your own posts!







Project owner @thecryptodrive, consider voting for his witness via this link!



Market buy and conversion automation code provided by @stoodkev, consider voting for his witness via this link!


SteemSQL access sponsored by @arcange, consider voting for his witness via this link!


VOTE @SBDPOTATO TO BRING BACK BALANCE TO THE FORCE!

Authors get paid when people like you upvote their post.
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Additional vote #1

great...

This post earned a total payout of 10.780$ and 8.105$ worth of author reward which was liquified using @likwid. To learn more.

Additional vote #2

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Additional vote #3

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As much as i believe that the project is important, i am one of those that feel that the posts create a strange atmosphere at the trending page. Specially for the newcomers.I have an idea that i think could make the posts better without reducing their function and importance. You could choose a creative post that you like,use an image from there along with the link to original post and the name of the author, the rest of your will remain the same. In this way you will have a nice first image and bring a little attention to the creative author:)

Good sentiment but that makes it very manual, this project is run for free and already takes up alot of time. Curating and choosing posts etc would also make it so we can't automate these posts, the best solution is that the SPS get voted so we don't have to rely on posts anymore.

That's understandable @thecryptodrive, it takes time and efford indeed. But also the proposal could take time and maybe not get voted. I am daily curating for various communities (curie, c2, creativecoin) and for quite some time, i can help you if you like. If you give me a discord address i can send you daily a photo along with the link and the author's name:)

Don't want to see these posts on trending? Then vote for the SPS proposal!

Hold trending hostage to get your way? Great approach.

That makes me sooooooo want to vote for that proposal, all right.

Makes me want to squat on the Return Proposal. ;)

penis

!giphy milk




giphy is supported by witness untersatz!

Oh snap, that one was perfect!!!

!giphy penis


Posted via Steemleo | A Decentralized Community for Investors




giphy is supported by witness untersatz!

Do not be dumb. This is not what is helping. Use your power for good and upvote real people posting on the network. This is just a waste.

@thecryptodrive is onto something here people. I think that everyone should consider converting their SBD to Steem when SBD is under $0.95 through the conversion mechanism and not on the internal exchange. This would help reduce the SBD debt ratio on the network by reducing the supply of SBD, and would likely help to increase the price of both Steem and SBD (back to $1 peg).

!giphy potato




giphy is supported by witness untersatz!

This post earned a total payout of 33.737$ and 25.366$ worth of author reward which was liquified using @likwid. To learn more.

  ·  10 days ago (edited)

SBD won't increase back up to it's USD soft peg unless there's a reason to speculate on it, or if it gets pumped and dumped again. People buy SBD with Steem to use minnowbooster and the like, but minnowbooster turns around and sells it again on the market for Steem, making SBD a contrived token. Its only speculative value is for arbitrage, and that use case is already controlled by whales that are betting on you trying to outsmart them.

Continuing to buy SBD and reducing the supply by converting it is enough to increase the price. This has been demonstrated numerous times in the past.

The probem now is simply too much SBD in circulation because it was ignored for a long while. If @sbdpotato had started earlier there is a good chance it would already be back at $1.

Preach it @smooth! :)

  ·  8 days ago (edited)

Supply and price don't necessarily correlate. If you divide the circulating supply of steem by the circulating supply of SBD, you get a 48.5 to 1 ratio, yet the price of SBD is only about 4.5 to 1 against Steem (currently).

There are other factors at play that dictate the price of SBD, some of them internal that are set by the miners. You can buy up SBD all day and they could turn back on the faucets if they need to increase the supply.

Not disagreeing because I like to be disagreeable, just giving a fair warning that SBD prices are rigged and decreasing supply won't change that.

  ·  8 days ago (edited)

Supply and price don't necessarily correlate in general, but they do in this case because supply dictates the haircut rule on conversions. Currently the conversion rate (w/haircut) is 1 SBD into about $0.66 worth of STEEM and sure enough the market price (looking at exchanges with a working wallet such as Bittrex) is right at $0.66.

Continually reducing the supply of SBD guarantees that the debt ratio and, therefore haircut, will decline as long as STEEM has any value at all, meaning convertibility into $1 worth of STEEM will return and so will a market price of about $1. Now it is possible that a market price of $1 will happen sooner, but that part is speculative.

BTW the above-mentioned debt ratio also controls the spigot. Other than the very small amount going into the SPS treasury, no new SBD will be produced until the debt ratio is reduced below the point where convertibility into $1 worth of STEEM is restored. The only other way this could happen would be extreme manipulation of the price feed data by witnesses. That's a theoretical possibility but very, very unlikely (both IMO and from experience).

If you are going to post every other day please include at least 4 comments. I want to vote twice per day (and avoid voting on the main post), but I can't do that with only 3 every 2 days.

ok sure 4 comments going up today

Hope SBD come back to $1 soon!