SBD Potato Day 56: DAO Proposal Funded and Post Frequency Updates

in #sbdpotato2 years ago



Thanks to everyone who voted for the SPS Proposal, the proposal has been funded and SBD has already started to be converted at a daily rate of 250 SBD. The proposal, however, is just over the threshold so any additional votes would be appreciated to keep it funded.

Even though the proposal is funded there are many stakeholders that wish to accelerate fixing the peg with daily post rewards in addition to the SPS funding, however we need to be sensitive to users who don't want to see the posts on trending every day.

Thanks to the magic development work of witness @stoodkev we have managed to automate the daily posts to 4 smaller posts capped at $25 each so they do not show up on trending.

These posts will be staggered over the 24 hour period and each will have 4 comments also capped at $25 each. If this still impacts negatively we can reduce the cap and number of posts to a min. of 2 per day as required,

All posts will have automatically updated API data with the latest debt ratio, SBD price and conversions in-progress data.

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): 2611.806 SBD
Total conversions since inception (API): 15723.412 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): 0.644 USD

Current Debt Ratio: 14.032%

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!

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I think we all need to focus on figuring out if concerns issued by @phgnomo are valid. I really can't tell. But if he's right (I think he made very good point in his post https://steemit.com/sbdpotato/@phgnomo/how-sbd-peg-actually-works-or-how-the-sbdpotato-conversions-won-t-affect-sbd-price ), this whole action will achieve nothing.

EDIT:
what exterior exchanges are listing SBD?

Have a look at smooth’s comment on his post, smooth is an early adopter of Steem and co-founder of Monero, don’t u think smooth will have a better idea of what will and will not work? That post just bedazzles users with copious amounts of info so users think it must be right since there is so much data.

Being an early adopter doesn't mean that he knows everything.

Yes, I got a few things wrong about the conversion mechanics, but they are already correct, and yet, my conclusions stay the same.

And now providing users more info is now something bad?

A bad habit around here is that just because a witness say that something is true, everyone must agree, say amen, praise how wonderful the witnesses and shut up.

And everyone else that is critic about anything is always wrong.

I still don't think I am wrong. @sbdpotato is a useless project, won't achieve anything of value, and it even contribute to make steem image even worse than what already is.

I most certainly don't know everything but I do know that the effectiveness of sbdpotato in helping to restore the convertibility of SBD into $1 worth of STEEM (by reduction of the SBD supply, the debt ratio, and therefore the conversion haircut) is a mathematical certainty under a limited set of very reasonable assumptions (such as Steem having non-zero value).

Any claims to the contrary are either mistaken or deliberate misinformation.

I did reread the whole thing once again with comment section in particular. It made me support both @sbdpotato and @burnpost ideas.

Don't know if it will succeed, because SBD does not seem to me to have purpose - STEEM is widely listed on markets and it's rates to $ aren't very volatile

what exterior exchanges are listing SBD?

Bittrex.

There might be some others but be careful, there are reports of broken wallets and frequent withdrawal problems.

Отличная тема. Но есть минусы как всегда. Если бы довести до ума то было бы хорошо.

Great news

Thanks for the post.

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