No more steem dollar author rewards! [SBD_PRINT_RATE = 0]steemCreated with Sketch.

in steemdollars •  3 years ago  (edited)

Another day, another change in the steemit ecosystem ..

sbd_print_rate has trickled down to 0 , and now author rewards will not be including any Steem Dollar portion - all posts now recieve liquid steem rewards instead!

Statistics screen from steemviz

If you're unsure what SBD_PRINT_RATE is please these posts from myself and @dantheman for more information :

Hopefully this will work as intended , we will reduce the amount of outstanding Steem Backed Dollars in the system and reverse the current trend. This was never meant to be a permanent change, it's more like a temporary pressure release.

The ending of steem dollar creation happened because steem dollars had grown to more then 5% of the total market cap.

The next stage will kick in if we reach 20% :

Any time the Steem Dollar supply reaches 20% of the market cap, 1% of everyone’s Steem Dollars will be converted to Steem Power at the price feed. This action can be viewed as a partial “bail-in” where everyone is treated equally. This will immediately reduce the Steem Dollar percent of total market cap while preventing immediate dumping of the STEEM which could accelerate the collapse in a positive feedback loop.

Steem Dollar holders that wish to avoid this forced redemption should convert to STEEM and sell on the market. If done via the 7 day conversion process, then the supply should decrease naturally and all Steem Dollar holders can be spared the “bail in”.

[Source - @danthemans post]

I really didn't expect things to get here so far, and I see that fear of the next stage is already beginning to break that nice tight SBD peg we had maintained as people seem to be already losing faith..

Theres blood in the water right now , I hope we can turn this around soon.

I hope everybody is aware that these price moves (in btc terms) are also related to the massive bitcoin rally happening right now :

See my live okccoin btccny chart for upcoming reversal signs!

I'm proud to say I called this rally 4 weeks early :D
I wish had followed my own advice and bought more coin D:

Hold strong steemians , I would expect at least a minor pump as we lead up to @steemfest and hopefully get more mainstream media attention. We also have a new marketing director incoming .

I still have faith in steemit despite the current pain we're feeling.
This is a 100% SP Post :)

~ @ausbitbank ~

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As long as people remember with Steemit, the tech and vision is solid here, content is king and there is plenty every day, don't lose focus by focusing only on the price of this particular currency and it's value this early on in it's development.

Well said!

Let's be honest we are all here for money, but we have to remember that Steemit is still in Beta so they need time! Don't panic people! Keep steeming!

Something seems to be working, at least this hour. I don't know if its the SBD change you talked about, or the User Interface and infrastructure improvements just announced a few hours ago, but the price popped 15% so that may be a sign.

Ok, now I have to change all my games rewards. I wonder if this will make the price of SBD worth more if its not being printed.

Yeah it is very concerning to say the least. I told them they should pick a new marketing director immediately out of the people that have been engaging in this community non stop. They will likely take their sweet time with that and STEEM will be at $0.001. I never took any weight into the Bitcoin obituaries but as that concerns to Steem it could be all too real unfortunately.

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thanks @cheetah. His work is cited. All best :)

what difference, at this point does it make? i've made $0.14 total on my last 16 posts. i'm here for my followers. after i give them the important information that i have, and maybe a little entertainment, i'm gone. steemit is a benefit free, time sink.
content is not king. content is a pretender to the throne, on steemit.

You are exactly right. The payouts on content has nothing to do with quality.
Today is my last day on here for now as a content creator. My last post has almost 300 upvotes and is worth $3. No one in their right mind wouldn't say it isn't a good post. It is a joke and actions speak louder than worlds. Ned , Dantheman, and the Steemit account have been powering down for months helping crush the price and the confidence.

i upvoted your post, for all the good it did you. it looked like an insane amount of work. it looked like a fun trip, though.

here's hoping that steemit becomes the site that we all wished it was, and all of the fabulous content creators have the incentive to return. i am skeptical, at best.

I appreciate the upvote. I was on this site for almost 4 months pumping out quality content and engaging with the community and my upvote is only worth $0.01. Probably not even that as the price keeps falling.
Steemit had so much potential it isn't even funny. The leadership doesn't realize that the most important part of Steemit is the community. Friendster, MySpace, and hi5 lost their community. Steemit is losing theirs and I feel that they think that "weak hands" are folding and leaving..... that just isn't the case. All hands are leaving and this issue has been going on even when Steem was worth $2+.
I hate to say it but I don't see this platform turning around. They aren't going to be able to code their way out of it. I reached out to them and I think they think I'm just some Joe Blow. It is unfortunate but we will be ready for the next social media / blogging crypto platform that launches. At that time I will try to pull my following from here over to there. Until then my bot will be running.

i tried very hard to be optimistic, but as of now, i can not disagree with anything you've said here.

I think people unfortunately think steem is meant at this point to support only the highest quality content. What is the truth however, is that people who use steem as a savings bond that lets them support people's efforts they want to support is what it really how it should be looked at. If you think about it though, there is nothing wrong with that especially when you realize other platforms give you nothing and actually censor quite a bit of good content because it is politically incorrect.

There is not a single social media platform that gets even close to steem for this immutability alone. And to anyone who says there are other blockchain based social media platforms...none of them have been proven to scale like steem.

Before you guys go. Are you going to say anything about them keeping your content?

By removing edit, delete, and reply after 30 days, they made your content into their SEO bait. They are keeping all of it to attract new victims, and you get nothing from it from now on. Not even conversation.
If you are leaving, at least yell about how stupid it is to chase the smart content producers away like that.

I already told them that all the quality content creators are leaving and will likely not come back. I think they assume there will just be more people that are going to come in and replace us. It takes an especially stubborn person with crypto knowledge to keep going on this platform. There aren't that many people in crypto that are going to stick around on here.
I will pull my followers off here once the next platform becomes available.
Good luck to you in what you decide!

I think giving people more Steem it will be worst because people needs money, and if you gave them only Steem they will sell it. When people are selling more than buying the price will drop and with the bitcoin rising it will be worst. The price of steem was never so low like it is now !

If this is offset trade for Steem (without SB) the hype will not ...
The question of further steps.

I'd read about the print rate for SBD hitting 0 last night. I'm still not panicking because I'm still earning something - which is not a lot, but they are tiny investments because I do believe that the safeguards in place will protect long as our user base doesn't freak the hell out and leave en masse. But then again, sometimes I'm a stubborn fool. I'll probably go down with this ship. :/

I've only been here a couple of weeks, but I'm in it now all the way too. I've seen enough and read enough - I don't think this ship is going to sink. Even if I earn nothing for awhile, I'll be here. Working on doing a product launch for promoting Steemit in December.

I noticed this yesterday. Not worried a bit. These guys have really put in place some amazing mechanisms.

Good move. Can work ...

Now I understand!

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This is great!