SBD with fee

in #steem7 years ago (edited)

STEEM BACKED DOLLAR
Steem backed dollar(SBD) is a controversial financial product of steem community. It is pegged to USD and it shifts its volatility to Steem currency. So Steem become more volatile because of presense of SBD. Dear witnesses of Steem also should conduct many sophisticated work in order to maintain its pegging function.
These are very expensive and incur lots of cost. law of economic says someone should pay this cost. Now, question is, who is paying for it?
Currently , this cost is paid by Steem holders without any benefit. Some people insists that since SBD is a good tool to bring non-crypto currency users into Steem platform, overall Steem holders are benefited from SBD. I am not agreeing with this opinion since those who understand SBD also familiar with Steem and overall crypto coin exchanges.

PAY FEE TO USE SBD
I would like to suggest simple but powerful SBD fee scheme :
Whenever SBD(! NOT STEEM) transfer event occur between accounts, SBD would burn and decreases its amount as previously specified fee rate. This decreased SBD would be reprinted on STEEM internal market as 1.00$. If someone pay Steem to acquire this reprinted SBD, then that Steem would go to null account.
let's assume Steem market cap is 100$ and there is 2$ total SBD and SBD fee rate is 1%., also we assume that there is 10 sbd transfer incidents each of transfer amount is 0.1$, then fee would be : 0.1$ * 0.01 * 10 = 0.01$. So Steem network can reprint 0.01$ amount of SBD on internal market. if we establish this fee scheme on SBD, then we can expect following consequences.

  1. Demand for SBD would decrease because of fee
  2. Since reprinted SBD would be sold as 1.00$ at internal market, it will help to anchor 1SBD to 1USD. Since those who wish to purchase reprinted SBD must pay it with Steem and paid Steem will eventually goes to null account , Steem could get price increase effect from SBD transfer activitiy (also increase pegging safety.)
  3. SBD based businesses can also benefit from this fee structure since SBD liquidity would increase little bit ( ! Total cap of IOU is 2% fixed)
  4. Total amount of IOU is always less then 2% so there would be none additional risk.

SteemInternalMarket.png

SBD USAGE
Currently there is an only one usage now, Steem Sports.But we can expect more generalized usage for it. ( coin exchange, digital artwork market)

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Personally, I would have to pass on this one simply because I don't want to stand behind any fees. Reminds me of a tax type thing, you know?

Anyway - thanks for the write up!

Best Regards,
@abn

강멘님 화이팅입니다!

Let's get past HF19 before we start tweaking anything else...

Thanks for the info :D

강멘님 화이팅!

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화이팅 멋있어요.

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강멘님 화이팅하세요

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