Steem Dollars currently collecting 0% APR - why?

in steemit •  2 years ago 

I am fairly new to Steemit, but as long as I've been active, the APR listed for SBD in my wallet has always been 0%.

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I'd like to ask the Steemit veterans here, is there a good chance that this interest rate will change? Or is it likely to stay at 0% for the foreseeable future?

I like the idea of collecting interest. I will keep SBD in my wallet if it will generate free crypto for me, even if it's not a lot.

But I don't see the point of keeping SBD in my wallet if the APR is always 0%. I remember reading somewhere that SBD should be giving around 10% interest. Do you Steemers think that we will see that any time soon?

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I have been wondering the same thing and did see an older post referencing 10% interest. Sure would be nice if they start this back up again.

Agreed! Unfortunately no one seems to know the answer to exactly what decides this interest rate!

Yeah it would definitely be cool to make some interest! Do any other coins offer interest?

All proof-of-stake (PoS) coins earn interest, for example Reddcoin, Black coin, and Peercoin. For those you leave them in your unlocked wallet, and they give you more coins (depending on how much you start out with, and what the interest rate is for each coin). There are a bunch of coins that have higher interest rates then the ones I mentioned too.

But SBD would be cool because I use Steemit every day, and it's convenient that it sits on Steemit so I don't have to download yet another wallet. Oh well, maybe one day the interest rate will go above 0...i just don't know what will cause that !

First i've ever heard of a cryptocurrency earning interest. Good to know and would be great if that was applied here.

When you say " ... For those you leave them in your unlocked wallet, and they give you more coins "

What kind of wallet does this need to be? Can it be Poloniex?

It needs to be the coin's wallet that you download and run on your computer. Leaving your coins on Poloniex, or any exchange, won't earn any interest for you.

Ok thank you for the clarity!

Also worth mentioning the obvious: it's not safe to leave your coins on an exchange, you don't own the private keys so you don't actually own them.

This is an excellent question. Did you ever find any additional information?

Not really, although from what I can gather, there used to be an interest rate when Steem was worth much less than SBD. I think that because the price of Steem is now higher than that of SBD, this has removed the Steem Dollar APR, but I'm not 100% sure that that is the reason or why the relative prices should matter.

I've been on steemit now for over a month and my apr has gone up to 0.5% when I started it was 0%. I keep all my money that I can in steemit and steem power as I like to power up alot, and this has gone up too. :)

mines at 0.001 how can I make the apr go up or dose steemit control this ?

I can't give you a direct answer on that, It seems to go up and down, mines at 0.001 at the minute. I know some one who could explain this to me better I will have to contact him to find out. cheers

hmm.. does it have anythning to do with the savings balance?

I had the same question, found another post about it, sounds like the rate is set by the witnesses https://steemit.com/steemguide/@cardboard/steemit-collecting-apr

any updates on this one ?

meanwhile you can delegate Steem power, which is sort of similar to staking/voting