Are Steem Dollars (SBD) being phased out? Payouts are now happening in Steem instead.
I've been with Steemit since August. When I signed up, I couldn't really understand why anyone would try to peg a cryptocurrency to the US Dollar (or any fiat for that matter). I guess it makes sense if you're trying to attract non-crypto people to the platform to "pay" people in "dollars", so I get it from that perspective, but the Steem Dollars aspect always seemed to complicate an already difficult-to-explain platform. (One that I really like and am glad exists, though.)
With a recent update however, post payouts have no longer included Steem Dollars. I've been receiving Steem and Steem Power for my payouts recently and besides the posts addressing the change, I haven't found any explanation of what will be happening to Steem Dollars.
There no longer seems to be any way to acquire Steem Dollars via the Steemit platform. There's no way to convert Steem or Steem Power into Steem Dollars, and posts are no longer being paid in Steem Dollars. It would appear that in order to acquire Steem Dollars, one would have to trade for them on an exchange.
The Steem Dollars I happen to have left are still accruing interest, but aside from trading on exchanges for more SBD, there appears to be no way to acquire more through Steemit.
Does this mean that Steem Dollars will be eliminated? If not, why are they still part of this platform? What's their point now?
Thanks for your input in advance.
Thanks for posting the question and thanks to those who gave answers. I was wondering the very same thing.
I miss getting SBD from posts.
Upvoted and resteeming.
SBD is an experiment to create a counter-party free crypto token without price volatility. However, despite not having a single counter party, the token does have risks, which is why the blockchain stops creating them at certain market thresholds. One premise for their existence is that only enough needs to exist to support a specific purpose, such as backing some niche market in Africa that demands price stability. And when that purpose is met and demand for SBD goes up, the value of Steem should go up and more SBD will be created to meet that demand. In essence SBD has been brought into existence to a point, but it will no longer be brought into existence so freely because printing for printing sake is not sound economically - constant printing would add to the system's debt and increase risk of peg failure. Nothing regarding blockchain-level conversions or exchange of SBD has been changed in the GUI, however.
steemit er bra
They've just stopped printing new SBD until the price of STEEM starts to go back up. After the bubble, there was too much debt in the system to keep printing them. You can still buy/sell them on the exchange. They are still a very important part of the system. Anyways, that's just the cliff notes... there's lots of info floating around about it.
what will make the price go up again ? any thoughts ? with the platform growing so fast I'm a little lost to as how the price went down so much so fast ...
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