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RE: What Will Happen With The Steemit Rewards After SBD Gets Back To $1?

in #steemit4 years ago (edited)

I'll tell you what will happen with 'steemit rewards' . All the little guys will abandon this platform because they will not be able to make 2$/month . That will lower the price of steem even further because without users this platform is worth nothing . And then you and other witnesses can hug each other and enjoy theorizing and playing gods . Dumb fucks

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Do you know how things are working in the STEEM blockchain and what SBDs are? There is a difference between SBD and STEEM, both in supply and in the way they are created.

In the current rewards strategy, as SBD goes back to the peg, the rewards are shifted towards STEEM, so it's 50% Steem Power, 25% SBD (as a stable coin) and 25% STEEM (at whatever price it is).

A situation in which SBD is stable at the peg and STEEM is at whatever price the market sets up (and it can be $2 or $20) can generate higher rewards, actually.

From where do you get the idea that "me and other witnesses" want this platform to go down, play god, or other nonsense like this?

As for users making less than $2, do you have any case studies? I've been blogging for 10 years and in my first 2 years I made literally nothing. Back then, $2 per month would have been something.

Theory is all nice and good
My point is , Once you start rigging things, artificially forcing price up or down you are undermining most basic trust of the potential users and investors .
And if average users start abandoning steemit , no theory or calculation will ever be able to save it .

Once you start rigging things,

That's the thing, we're not rigging anything, that's why I asked you if you know how things work. Usually, I would explain it, but this time I would politely send you to the white paper. And that's because you assumed that I'm doing something fishy by trying to act as a honest and transparent witness. Can you please try to make your homework, first?

FWIW, I always said: "market is always right", check my blog posts feed. If market says SBD trades for $100, then that's the price. But the whole system is designed in such a way that there is a peg between SBD and an external currency and I'm doing my best to cope with it. I'm not extremely happy with the situation either, but I'm not the one who designed it, I'm just a person who believes in decentralization and in the blockchain technology, and who knows that, as "rigged" as you think this system is, it's still a gazillion times better than any Facebook out there. I even proposed a variable peg, in which we can set up various layers, at $10, $100, or whatever, and adjust the supply based on that. Especially because the market is always right and if the market wants to trade an asset for $10, then the best we can do is to try to maintain the supply in such a way that the price will stabilize around that area.

Is this system perfect? Far from it. But it can be perfected, if people will act together, constructively.

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