Why SteemCash would be a much better currency than SBD(SteemDollars)
I personally think that Steem will not work well with SteemDollars(SBD). Instead, we should move towards a currency that is not dollar based.
What I propose is that we have SteemCASH instead of SteamDollars. SteemCASH will be pegged to BTC @ 1mBTC per SteemCash, with the same conversion rules(1 week wait). Offering an interest rate that is lower than 10% would work. I propose 5% is a good figure. This way, people will actually have the want to get into STEEMCASH, instead of converting it back into BTC all the time.
This will offer people a real investment opportunity, as I believe a lot of people, including me, already calculate their savings in bitcoins instead of in fiat.
Let's make Steemit a better place together.
Steem dollars are pegged to price feed. We can change what the feed tracks as soon as hyperinflation starts.
Didnt know
ill take that on board !
https://steemit.com/trending/@ph111p/5jvnhk-yes-you-can-spend-money-from-steemit-it-is-real-we-have-paid-our-trip-to-disney-usa-part-1-the-big-countdown
Cheers. Thanks for the reply.
Agreed, peg to gold or bitcoin would be better long term options
Well, personally I think that gold could be a viable option too. And silver, of course. I am probably a bigger fan of silver than gold, simply because there is more industrial demand in here than in gold.
But bitcoin is the future in my opinion. Gold may still hold its value, but is it really that portable? Are you going to be carrying a ton of gold in a SHTF scenario? I doubt it.
I like silver the most as well. It's undervalued relative to gold and its scarcity above ground. Bitgold is a good concept and helps makes spending gold practical. I wish they would do the same for silver. I think precious metals and crypto are where you want to be as the fiats will face a crisis and large revaluation down at some point. IMHO...
Definitely. Silver:Gold ratio is currently sky high, while the natural level shoudl really only be around 1:10.
No way silver isn't going to rise faster than gold.
Bitcoin will never be a stable coin. It will always be volatile.
Great post!
Nice writeup @jholdsworthy -- I personally like your idea of pegging it to BTC as it's a universal "currency." I also agree that a term change like STEEMCash might also keep it more universal.
Definitely. Thanks for the upvote and the comment. Cheers to you sir.
Until the volatility issues are fixed (well, until they become negligible) I'd rather see steem in a stable state.
Dollars are not STABLE. The might seem to be stable, but in actual fact they are either experiencing inflation or deflation all the time. And the government/the commercial banking system controls all that.
Whereas bitcoin has a rough schedule that it has to follow, and cannot be tampered with.
I was speaking stability in terms of having a low volatility factor. And this is undeniable higher in any given cryptocurrency compared to dollars.
I have some questions about Steem Dollars... Can anyone help me telling me what you know? https://steemit.com/steemit/@ynotplay/question-how-do-you-transfer-steem-dollars-from-an-exchange-to-your-steem-account
Good idea but i think their is one very good reason to stick to the SteamDollars. Universal appeal everyone around the world understands how the dollar works and what it is worth to them.
For steemit to reach it's full potential and compete with the likes of reddit, you tube etc it needs to appeal to a massive range of people.
For the vast majority of people bitcoin is complicated, to techie, and a big gamble that they just can't get their head around. by linking to the dollar (a tangible currency they can hold in their hand and immediately understand) it simplifies the learning curve and reduces the perceived risk involved. Making it much more appealing to the masses.
You should look into the future instead of looking back into the past. Nothing matters about the past. Dollars are not going to be liquid enough to serve as a currency is the future.
Bitcoin already IS appealing to many users. Even with the people who are still thinks that dollars are a hard currency, they will be forced to reconsider their view in the future.
Totally agree with you. They don't need to learn something new. They are getting paid with something they know and are comfortable with.
I'd like to see Steem silver ounces, but I guess pegging it to BTC is a decent idea too.
That would be a good idea as well, but as I said silver and gold bricks are not that portable. And if you are holding physical bullion, then the spread between buy and sell would be HUGE. If you are holding paper bullion, then there is no real point to it. Paper silver(futures, derivatives, etc. etc.) is pretty much the exact same as fiat currency, in the sense that their production can be controlled by a single entity.
While with bitcoin the spread is marginal and there is no "paper bitcoin". If you get what I mean, lol.
Why silver and not Gold?
I'd be fine with gold too. Many of us gold and silver bugs like silver more at the moment because silver is considered more undervalued than gold. Also, silver has been considered the money of the people. It's lower value made it used for trading of common items, where gold was usually hoarded in banks by the rich.
I realy see the potential here, i hope others also see the potential. This is maby the future if peaple regreet it, And trust in it.
I hope all jump onboard here, couse here is actualy monney to earn
Thanks for the response. I agree with you :)