[Prototype] @Bank.SBD - Quick Overview
Quick Description
@Bank.SBD aims to help keeping the SBD-USD peg (keeping SBD price at $1) by creating actual use cases for using STEEM Dollars as currency while valuing it always at $1.
The first way to do this is by selling delegations for SBD. The STEEM Dollars received as payments will always be valued at $1 price - this means that if the SBD is trading below $1, buying the delegation from @bank.sbd will be more profitable than from other services.
The service works as a test case for the idea and is created and managed by @cardboard - you can meet me at the discord channel here.
Example
Using https://dlease.io/market we can see that, while using the market, paying 1 STEEM will give you around 340 STEEM POWER delegation per week.
Because SBD is trading at around $0.7 and STEEM is trading at $0.14, 1 SBD = 5 STEEM so 1 SBD gives around 1700 STEEM POWER delegation per week (5 * 340).
For @bank.sbd SBD is always valued at $1. This means that 1 SBD = 7.14 STEEM so 1 SBD gives around 2430 STEEM POWER delegation per week - 42% more. As long as SBD is trading below $1, @bank.sbd can provide discounted prices for SP delegations compared to other services.
Getting SBD
The service accepts only SBD as payments. If you don't have any - worry not. Simply send any amount of STEEM to @bank.sbd with memo: swap
The service will perform a market trade and within seconds you will receive the equivalent value in SBD. The fee for the operation is 0% so you don't pay anything or loose any value in the process.
Limitations
To create a significant demand for SBD and help pricing it around $1, @bank.sbd would need to have at least 1 mln STEEM POWER. Sadly this is not the case at the moment but I'm planning to feed it daily with tasty STEEM and SBD that it will automatically convert to STEEM POWER. As the project is indented to be a long term one, I hope that in few months/years it will be able to have an impact on the SBD pricing.
How To Use It
- minimum payment: 0.01 SBD
- minimum delegation: 1 SP
- minimum delegation time: 1 week
- maximum delegation time: 10 weeks
Status
You can start with sending 0.001 STEEM to @bank.sbd with memo: status
Within a minute you will receive a message about current delegation prices and how much SP is available for delegation. This step is not needed to buy a delegation.
Buying Delegation - Simple Way
The easiest way to buy the delegation is to simply send at least 0.01 SBD (or more) to @bank.sbd with memo: delegate or lease.
The service will automatically delegate the STEEM POWER according to the payment (the higher the payment the higher the delegation) for 4 weeks (default delegation time).
Buying Delegation - Customization
You can also specify how much SP you want, for example memo with: delegate 150 sp will delegate 150 STEEM POWER and adjust the time of delegation according to the payment (the higher the payment the longer the delegation).
You can also specify for how long you want the delegation, for example memo with: delegate for 10 weeks will give you delegation for 10 weeks - the SP amount will depend on the payment (the higher the payment the higher the delegation)
You can also combine both of those, for example: delegate 200 SP for 5 weeks
Auto Refunding
No matter how much SBD you will send, the service will charge you only for the actually delegated SP and send back any unused SBD automatically.
It seems like everyone is in need of SP and Delegations. This looks like a positive movement to me, though finances are not my forte lol... but helping new Steemians at the @steemterminal, is something I feel my knowledge is able to grasp. I will share this with the other's, and let them know about your plans and initiative... thank's @cardboard!
@alliedforces curate
Keep up the great work!
The #spreadlovenotwar curation campaign is under the guidance of witnesses @enginewitty and @untersatz.
Congratulations @bank.sbd! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
@tipu curate
Posted using Partiko Android
Upvoted 👌 (Mana: 15/20)
I wanted to know how much 1000 SP for 10 weeks costs and sent 0.001 steem with:
delegate 1000 sp for 10 weeks
but have no response yet..
but if 1 SBD gives over 2400 for 1 week, it should be around 1200 for 2 weeks and around 5 sbds for 10 weeks of 1200 SP? ^^
Got it :) Instead of "delegate" you can also use "check"
tight :D
Ha, interesting use of 0.001 transfer to check the price, didn't think about it :) if the transfer is at 0.001 STEEM, it will only accept memo: status. Will code in the price checking today :)
And your math is correct :) The only problem is that @bank.sbd currently has around 100 SP free to delegate (the rest is used). But new SP is coming daily!
This is TOO GOOD for the customer when SBD is below $1. You basically take the loss for the price difference, is it really worth it for you? Thank you for the very altruistic initiative, I am definitely looking forward into using it!
Edit: already bought some!
New SP should be coming to the account daily :) It's not a huge loss, taking the amount of SP that account has.
If you want, you can also test the "invest" functionality. Simply send any amount of SBD with memo: invest
Keep in mind there are no refunds! But as with payments, each SBD is counted as 7 SP invested.
Congratulations @bank.sbd!
You raised your level and are now a Dolphin!
Vote for @Steemitboard as a witness to get one more award and increased upvotes!