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RE: Impending STEEM DOLLAR Purge : The #1 Key Indicator To Watch
Even if Steem starts giving out haircuts, I'm not too worried. This place isn't easy. Well, unless you're cheating. If it's paying out in Steem? No problem. I like Steem. I believe in Steem. If it's paying out a bit less? No problem. I'm used to getting paid shit for things I actually work really hard on here. Worst comes to worse, I get paid nothing. I guess I'll still make some posts on here probably. Maybe not as often.
What I wanna know is who is holding all the SBD?
https://steemit.com/@freedom/transfers
850,000 of them!
Good. The #1 value extractor can be the #1 SBD bag holder at the end of the pump. Seems appropriate.
Don't think that account does anything apart from accumulate!
Would be nice to see all that transferred to STEEM and powered up :D
Accumulate and vote for witnesses that let them accumulate.
That seems to be the name of the game. It is why I am not optimistic about the reverse conversion being implemented - there is too much profit potential in letting it run again.
Yeah, it's quite interesting how it's all set up, steem serves as quite the punching bag here.
Accumulate and
Vote for witnesses that let
Them accumulate.
- charitybot
I'm a bot. I detect haiku.
I guess I am one of the delusional ones who still thinks this platform could be "the one" for mainstream adoption of Crypto and this kind of boom-bust typically scares the mainstream off. I'd like to see the platform running (and being maintained) better but you are correct - The will be a hard-core of Steemians who will post here regardless.
Ehh... Steem putting the posts on the actual blockchain where you can never delete them. That means that as long as Steem exists, so does everything we put on it. That's actually a pretty big problem. This place is pretty cool in its ways but I don't think it really will be ever mainstream. Especially if we don't do more about the abuses. Like the bots.
I think it might be the bitcoin of crypto social networks though. We're learning a lot from this place, one day at a time.
It looks like the bulk of the SBD Circulating Supply is sitting on Exchanges, so it is likely just in the hands of speculators. The Bittrex wallet alone hold 65% of the SBD supply and since Upbit consistently has a higher trade volume there is probably a fair chunk of it there too, but I don't know what the holding account for Upbit is.
I'm guessing people are waiting for another pump to offload them?
It was a good call you made 6 months ago. If you were a witness, how would you set your price feed at present?
https://steemit.com/witness-category/@dragosroua/adjusting-my-price-feed-to-2-sbd-may-cross-below-usd1
I wouldn't be going negative. I think zero is fair but I'd still lean to a positive bias as long as SBD is above $1 and/or the debt level is over 2%
I know it is an unpopular view but I do think a gentle push into the high 90s is needed to create the incentive for SBD -> STEEM conversions to resume and reduce the debt level. If the SBD Purge can be gentle and orderly, spread over the course of a month or two then that is probably best case scenario for restoring system health.
Cool, thanks for the insight. We might give a small positive bias, although it's more of a token gesture in the grand scheme of things.
I suspect some are now holding their SBD for a pump, but if they can level off or STEEM goes sub SBD, then hopefully some will consider converting. That's what i'll be doing where possible.
You are exactly right I think. There will be some (maybe even myself) who would hold for the next SBD pump if the peg doesn't get fixed. But once it drops sub $1 the opportunity is there to convert to STEEM to re-buy at a profit and that's where the SBD destruction and debt reduction occurs.
Do you follow @burnpost?
I think it could be nearing the time for @smooth to take action with his experiment. If only the account had the same number of SBDs to convert (and then burn the STEEM) as @freedom 😁
No, though I am aware of the burn experiment that @smooth was conducting. It didn't make a lot of sense to me, but maybe I just didn't understand the point he was trying to make.
I think he just plans to burn the rewards at some point, when SBD is on a par with STEEM.
If it's not making sense to you then I'm probably missing something!