If you change your SteemDollar balance now, you will receive your interest
Let's start at the beginning:
Steem pays you interest on your SteemDollars!
The interest rate is set by the witnesses and is currently 10% (to encourage holding/buying).
When is interest payed?
According to the code
Every time the sbd_balance is updated the sbd_seconds is also updated. If at least STEEMIT_MIN_COMPOUNDING_INTERVAL_SECONDS has past since sbd_last_interest_payment then interest is added to sbd_balance.
Where STEEMIT_MIN_COMPOUNDING_INTERVAL_SECONDS is set to 30 days. These 30 days have now passed.
That means:
If you change your SteemDollar balance today, you will receive your interest for the last 30 days!
I simply moved 1SBD to one of my other accounts and my interest was added to my account:
If you don't have another account, you are free to send 0.001 SteemDollar to me (or anyone else) :D
Update 1
@ash made me aware of the fact that initial interst payments have happend on different times. That means that you might not yet be able to retrieve your own interest just yet.
However, the first 30 days have probably past for many Steemians already so it's worth a try. If it doesn't work for you, just wait another day or so and try again.
Update 2
Since this post has received quite some response, I added a corresponding call to piston. It looks like this:
$ piston interest xeroc
+---------+-----------------------+---------------------+---------------+-----------+
| Account | Last Interest Payment | Next Payment | Interest rate | Interest |
+---------+-----------------------+---------------------+---------------+-----------+
| xeroc | 2016-08-03 08:04:00 | 2016-09-02 08:04:00 | 10.0% | 1.046 SBD |
+---------+-----------------------+---------------------+---------------+-----------+
piston.web now also shows some data about the interest payments:
Hey Xeroc. Useful post. But not for newbies lol (as in nothing to collect yet, but when the tiems comes i will use the advice) )
Doubt if you remember me from the bitshares forum (bitsharesrussia on there), i used to be quite active there, unfortunatly i havent been for the past 2 years.
Now im back thought, and its absolutly amazing to see peopel that you somehow know! How small is the crypto community! Its great to see that you are now helpeing out in steem, just as you do with bitshraes.
Keep it up! Hoping to see more posts from you!
I thought the same . Useful but I need to read 10x to understand 😜
Interesting. To be honest, I thought that interest will be applied every 3 sec similarly as STEEM Power grows.
Is that mean, that there is a monthly capitalisation, but only if you touch your balance once a month?
If I will not touch my balance for a year, I will have 1 year capitalisation?
If my calculation are correct, in case of 10% interest, this give:
(assumptions ahead) If you want compound interest, you should "change" your SteemDollar balance once after every 30 days. Otherwise you will just get the (currently) 10% apr
If you are active on the site then you will probably change your SD balance at least one a month by earning rewards (for example the comment to which I'm replying is currently earning $2.48, a portion of which will be paid in SD). That will trigger the interest payment.
I have been asking this ofa lot of people. Will my sbd on bittrex earn interest? It seems like they should on any wallet if it done through the blockchain. Does this mean bittrex is keeping the interest ( like a bank) . Any help appreciated.
I wonder what will happen when the Bitcoin crowd finds out they could ride out dumps like the Bitfinex hack in SD and collect 10% interest....
The interest payments on STEEM Dollars need to be more transparent. Despite holding thousands of STEEM Dollars in my account for a few weeks, I don't recall collecting any interest. Not saying I haven't. Just I haven't seen it nor is there an easy way of checking whether I have or not.
If STEEM Dollar interest was more visible it would incentivise people to hold it for longer. It's certainly an area that could do with improvement IMO.
(NB: Changed my SBD balance just now... no interest added)
I totally agree with you. Technically, it is possible to derive the amount of interest you could get if it was payed out to you today by looking into the account details:
interest = interest_rate * sbd_seconds / seconds_per_yearI am not 100% positive on this, but I would say that it evaluates to this in your case:
10**-3is used to get from the "satoshi" values to the actualy SBD amount (precision 3)Please let me know if you get something around that value. I am curious to know.
I did a happy dance when you first mis-typed 2000+ SBD interest!
21 SBD seems more realistic. Will let you know if anything comes through.
Received interest of 20.704 SBD, so you were pretty much spot on.
How did you work out the sbd seconds? (6524189830497 )
That number is returned by the Steem API node. It's derived internally by the protocol and provided when calling
get_account <accountname>Thanks - I've been following your piston/ python updates... I guess I'm going to have to find the time to get my hands dirty and have a look under the hood of Steem!
If you are awarded for posting is that " a change to sbd balance"? Or do I need to do something manually?
It seems any change in any of your balances triggers the interest payment
Do you recieve interest if sbd are held at bittrex? Why not. Seems like you should. Merchants would likely like to hold sbd somewhere they could easily cash out.
That's a question you need to ask bittrex. I personally never hold funds on an exchange for longer than absolutely necessary (except for a decentralized exchange, of course)
Thanks for the reply but bittrex was an example. Will I recieve interest at a non Steem walket? Seems like I should?
Technically, the blockchain cannot know the SBD belong to you, that's why you would need to find an agreement with bittrex .. or not leave your SBD there
"A few weeks" is not long enough. Has to be 30 days.
Do the SBD need to be in the account for 30 days before it attracts interest?
Or do I have to wait 30 days for the interest payout to happen?
NB: I've seen SBD interest payments paid on my wife's account when she sold SBD for STEEM in the internal market
This was only a few days after the July 4th payout....
Either way it's all very confusing.
Didn't seems to work for me, thanks anyway :)
you last interest payment was made on
"2016-07-05T14:40:48",.. that means that you need to wait a little longer before you can obtain your interest.Hope we can get a nice gui feature for this sooner than later.
Thank you for the date! Where did you find it by the way? It is not on Steemd..
You can get that number by using the
cli_walletandget_account..Next release of
pistonwill have aninterestcommand that looks like this:Awesome tip! Another little known tip is that if you send all your SteemDollars to @random-potato he will buy a yacht and move to Mexico!
@xeroc. How do we find the last interest pay date for our accounts? Steemd.com?
Are you saying that even if SteemDollar balance is growing from activity, interest is not represented in that number? Are you recommending that Steemians trigger the payout every 30 days?
Learned something new! Would interest be triggered by convert SD to STEEM in the same account?
The interest pay day is at least 30 days after the last pay day. You can't find the last payout on steemd currently. If you have the
cli_walletrunning, you can get it withget_account cryptobro. The parameter is calledsbd_last_interest_payment... add 30 days and that is your payout date.You don't need to manually move funds, to get your interest, but the SBD balance needs to change somehow. You could also receive a payout in SBD .. that's as good as moving your funds. A conversion probably works aswell .. can't tell for sure
I can't give investment advice, but if you think about compound interest, it seems reasonable to trigger a payout every 30 days.
Woah! thats crazy ! I don't have another account and i've converted all my Steem dollars to steem power. BUT
you are more than welcome to send Steemdollars to this account for me to check it out ;)
Very cool , how about steem power? I hope some interest for steem power too .
"interest" in steem power is quite a different beast, especially if you denote it in
STEEMand not the internal unitVESTS. Let's just say it's a combination of "interest" payed to offset the dilution of STEEM minus the rewards payed to users of the platform. Technically, if you (as a SteemPower investor) don't participate on the platform and just let your SteemPower sit there, you would not make any profits (besides capital gains/losses) because all rewards are ultimately payed by the investors. The bigger an investor you are, the more you would need to participate in order to not lose more than you gain. Of course there is also the capital gains from speculation.In the end, doing the actual numbers on SteemPower is quite not so easy.
Really good info. Thx
Excellent post, thank you; I'm still discovering the complexities of steem!! This is good to know, thank you for sharing.