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RE: SBD Potato: Peg Repair Community Initiative

in #steem2 years ago

At least there is conversation on the topic, but I'd rather see an improvement to the actual peg mechanism - such as implementing Reverse Conversions, or even using a collateral mechanism like DAI, which has now streaked ahead of SBD.


I agree more improvements are needed but hard forks are necessarily rare (other than in cases of emergency, which hopefully don't happen) and developer focus (which for the next fork at least is mostly on SMTs) is even more scarce. After that we are looking at several months to a year. We should continue brainstorming and discussions but I don't see a quick fix in the blockchain itself.

In the mean time it is possible for the community to do some good with the tools we have, although not everything, as you correctly point out.

It should have been in the last Hard Fork and an absence of any attempt to address the SBD peg issue says to me quite clearly that it won't be addressed. I'd be happy to wait for months or a year if there was actually a commitment to fix the SBD peg, but once this band-aid goes on the issue will just be swept under the carpet and forgotten about once more. Rinse and Repeat = Credibility does not get restored long term.

It's all well and good to come hat in hand to the community for funding of a band-aid solution, but I think that as a platform we could (and should) do better.

I don't think it is useful to dwell on what should have been done. We all have ideas of things which should have been done differently around here, at least I do.

To be clear, I don't think this is an amazing 'solution' but I consider it a fair alternative/complement to burnpost (also a band aid) as a way to keep (or at least reduce) rewards from being dumped on the market, as well as address some of the internal imbalances, while potentially channeling some of those imbalances back into platform value.

I also don't think it makes much if any difference to what might or might not get implemented in the blockchain in months or years, but I understand where you are coming from in not supporting band aid approaches. That is fair.

We do have to learn from our past mistakes (or inactions) if we hope to improve going forward. Nobody likes to hear "I told you so" but if that's what's needed to learn the lession then it has to be said and pointed out.

I'm also not saying I don't support the idea of the SBD Potato. I was happy to see this post on the topic - I upvoted and resteemed it too - but lets acknowledge what it really is. It's a band-aid solution that does not address the core issue that has brought us to this situation. Band-aid solutions don't solve anything in the long run.

Absolutely agree re. band aid.

I also agree it’s a band-aid @smooth, it’s what we have atm and is better than nothing. It can be a precursor to a longer-term solution.

Hi @buggedout

What do you think about sbdpotato now? 3 months later? I'm just learning about this project and I would like to hear your opinion.

Cheers, Piotr

I haven't been following it closely. Been meaning to do some analysis on it but haven't got around to it yet. I still support the idea of fixing the peg.

Hi again @buggedout

Can I ask you for little favour? I joined contest called "Community of the week" with project I manage and I would be grateful if you could RESTEEM it and help me get some exposure and drop some encouraging comment :)

Link to my post: on steemit or on steempeak

Thanks :)
Yours, Piotr

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Hello @smooth any chance at a small prize sponsorship for #SPUD ? Thanks and take care.

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Also reverse conversions are only useful when SBD is above $1. We need a solution when it is below $1, I have proposed perhaps changing the debt ratio haircut threshold to like 15% or 20% so that people can start converting en masse without fear of haircut to help the peg, can change it back later.

Hi @thecryptodrive
The thoughts are very good

we join, my team in norway and i stand with 100% vote

Regards @xpilar

Hi @xpilar

What do you think about sbdpotato now? 3 months later? I'm just learning about this project and I would like to hear your opinion.

Cheers, Piotr

Hi @crypto.piotr

So far, it has had a positive impact on the SBD price and the debt ratio is decreasing. The project is now funded and the last post from @sbdpotato was 5 days ago so for now our upvote is not used and the post that appeared on the trending will not be a problem.
I suggest you read this link, here are many answers that allow us to better understand this with the SBD award

Thank you @xpillar, together we can fix SBD!

yes @thecryptodrive,
and those who are smart will now also invest in SBD again 👍🙂

Haha yes, good opportunity to earn 30% on your money in maybe a less than a year.

This is true, though I would argue that Reverse Conversions might prevent this problem from recurring during the next pump. To me this does look like a bit of a band-aid solution and does not address the core issue.

@smooth basically answered this perfectly, no need for me to reply further.

Agreed, but it isn't so easy to get everyone on the same page to agree on making changes such as reverse conversions, perhaps this will spark interest in the matter. Also, the upcoming SMT HF is already full of changes, it may be risky to put additional complications into it.