I would like @steemit to extend the max Savings period from 3 days up to 3 months, with the ability to extend the 3 month Savings period every day with the use of a Bot.
If @aggroed @ned @elipowell @thecryptodrive or any of the Power Players on Steem can make that happen, the SBD could eventually be more safe to hold than $USD in a Bank due to Bank's fractional reserve policy.
The only thing stopping me from storing some of my savings in SBD is the fact that the Savings period is only 3 days and could theoretically be hacked and withdrawn before I'd time to recover my account.
I think this is especially true for people with a lot of money that needs storing @tarazkip. If you agree, please blog about this. It would be great to convert my Steem sales (in the future) to SBD and keep it on the blockchain as opposed to having to store it in a bank.
Hi @chrisrice, personally i prefer to keep my funds powered up in Steem Power because it is locked safely for 13 weeks, I also suggest splitting funds to multiple accounts if you have alot of funds and you want to lower your risk profile.
Also there is a hidden interest you get on your Steem Power, not many people know about it, I think it is around 1.8% per annum.
The other reason I like Steem power as a savings tool is because you can use it for vote selling or delegate for a decent APR on markets such as https://minnowbooster.net and our brand new https://dlease.io app.
Holding Steem power also gives me the upside exposure to better Steem prices in future, SBD is safer from volatility but less likely than Steem to be pumped.
The idea of a user selectable SBD savings period is interesting but dev time can likely be used for more impactful things like SMT’s. I’ll run it past the internal slack anyway.
Thanks for the feedback @thecryptodrive.
My interest in SBD having a longer savings period is based on my target price of $20 to $35 USD and I plan on selling 10% - 20% of my family's holdings in that price range so that I can lock in profits.
I would much rather hold USD in SBD than in a bank if that were to happen but I'd need there to be much longer savings period since 3 days it not enough.
I might be busy in those three days and if someone managed to hack my account and I was busy, all of my funds would likely be cleared from my SBD savings and there would be nothing I could do about it = not good.
But if Steemit Inc. or someone else like @therealwolf or even @buildteam could create the code before the next All-time-high.. SBD could likely compete with major banks (assuming the fundamentals for Steemit Inc. and @steem improved by a lot too.
I understand what you mean regarding a user selected safety period for SBD, I proposed it and no one was against it just that getting the dev resources to get it done is another story. It is risky for anyone other than Steemit inc to code it because there are no guarantees the pull request will be merged. Once we have the worker proposal in place then it is easier to push such agendas from a funding pool.
I am totally in agreement that holding SBD is a great hedge to fiat, even when SBD was lower than 1 USD I could still convert it for $1 USD worth of STEEM so it always holds its value irrespective of the peg.
I do however caution at your target price of SBD being $25, it was meant to maintain parity with the USD and the pump last year was a freak occurance which I don’t expect to be repeated, if it does likely a patch will be pushed to enable reverse conversions to help bring down the price. When SBD was even at 8 USD there was alot of heated discussion on how to bring it back down again. Negative interest rates could also be a tool but I’m not sure offhand if negative interest can be set on chain.
The target price I mentioned is for Steem, not SBD.. and I agree with your assessment @thecryptodrive.
@chrisrice u don’t need to extend the savings period with a bot, the countdown only starts when you initiate the withdrawl.